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15 Years of Impact
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15 Years of Impact
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Maya Declaration
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Regional Initiatives
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Training & Development
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Certified Expert in Financial Inclusion Policy
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
15 Years of Impact
15 Years of Impact
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
15 Years of Impact
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Maya Declaration
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Accords
Impact Stories
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Key Policy Areas
Key Policy Areas
Digital Financial Services
Data
Consumer Empowerment
Financial Inclusion Strategy
Inclusive Green Finance
Global Standards Proportionality
SME Finance
Global Standards Proportionality Working Group (GSPWG)
Working Groups
Working Groups
Consumer Empowerment and Market Conduct Working Group (CEMCWG)
Digital Financial Services Working Group (DFSWG)
Inclusive Green Finance Working Group (IGFWG)
Financial Inclusion Data and Impact Working Group (FIDIWG)
SME Finance Working Group (SMEFWG)
Financial Inclusion Strategy Peer Learning Group (FISPLG)
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Regional Initiatives
Regional Initiatives
African Financial Inclusion Policy Initiative (AfPI)
Eastern Europe & Central Asia Policy Initiative (ECAPI)
Financial Inclusion Initiative for Latin American and the Caribbean (FILAC)
Pacific Islands Regional Initiative (PIRI)
South Asia Region Financial Inclusion Initiative (SARFII)
Arab Region Financial Inclusion Policy Initiative (ARFIPI)
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
Training & Development
Training & Development
AFI Educate online courses
AFI Engage
Certified Expert in Financial Inclusion Policy
Training & Development
AFI Educate online courses
AFI Engage
Certified Expert in Financial Inclusion Policy
!Font Awesome Pro 6.6.0 by @fontawesome – https://fontawesome.com License – https://fontawesome.com/license (Commercial License) Copyright 2024 Fonticons, Inc.
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News

AFI membership endorses the Sochi Accord on FinTech for Financial Inclusion

At the Annual General Meeting (AGM) in Sochi on 5 September 2018, members of the Alliance for Financial Inclusion (AFI) endorsed the Sochi Accord on FinTech for Financial Inclusion. The Sochi Accord provides a framework for AFI members to leverage innovative new technology-based financial services, or FinTech, to advance financial inclusion for the world’s 1.7 billion unbanked.

“The adoption of the Sochi Accord is extremely significant for AFI,” stated AFI Deputy Executive Director, Norbert Mumba. He added that “the traditional approaches need to be relooked so that we are able to deliver financial services efficiently and effectively.”

The speed and efficiency of FinTech innovations including blockchain, biometric IDs, e-wallets and cross-border remittances are opening the doors to affordable and high-quality financial services for the most vulnerable segments of society, especially Forcibly Displaced Persons (FDPs), MSMEs, marginalized women and the rural poor.

However, FinTech also introduces new risks for regulators and consumers, such as money laundering and data privacy. The Sochi Accord provides a platform for AFI members to understand these risks, share lessons and experiences with FinTech, and design appropriate regulatory interventions that balances innovation with financial stability and consumer protection. The Accord also offers a path for the AFI network to achieve several shared goals, such as closing the gender gap in financial inclusion, mitigating the impact of de-risking in developing and emerging markets, and building resilience among those most vulnerable to climate change.

At the 2018 AFI Global Policy Forum (GPF), the Sochi Accord will usher in a new era of Maya Declaration commitments and quantified targets that would allow AFI members to harness the potential of FinTech in their countries, and ultimately, improve financial inclusion, strengthen market conduct and consumer protection.