AFI Steering Committee member and Superintendencia de Banca, Seguros y AFP (SBS) Peru Superintendent Daniel Schydlowsky covered the importance of financial inclusion in an article titled “Banking on Financial Inclusion,” which he recently produced for Project Syndicate.
Mr. Schydlowsky highlighted how the 2008 financial crisis made obvious the “profound importance of finance for the globalized economy” and the fact that it is critical to assimilate the 2.5 billion people worldwide that lack access to formal banking services, credit facilities and/or savings instruments into the formal financial system to enrich and strengthen the global market.
Among other points, Mr. Schydlowsky also discussed AFI’s and the Maya Declaration’s important roles in global financial inclusion progress.
“(AFI) understands that globalization is not a zero-sum game. Developing countries can benefit from the opening of markets to new trade and investment, while the developed world can benefit from the infusion of new customers, suppliers, and capital (possibly in the trillions of dollars),” wrote Mr. Schydlowsky. “If the world’s 2.5 billion unbanked join the global economy, every industry will experience innovation and growth.”