From 26-29 June, AFI members from across Africa and the Pacific met in Victoria, capital of the Seychelles, for four days of dialogue around opportunities for advancing financial inclusion, focusing on the need for inclusive innovation.
Learning from peers in other regions
The event, co-hosted by AFI and the Central Bank of the Republic of Seychelles, brought together AFI’s African Financial Inclusion Policy Initiative (AfPI) and Pacific Islands Regional Initiative (PIRI), the first time two AFI regions have held joint meetings.
“Our geography should not limit our associations,” explained Caroline Abel, Governor of the Central Bank of Seychelles and Chairperson of AfPI. “The inclusion agenda compels us to find innovative ways to build meaningful connections. The dual membership of Seychelles in the African and Pacific regional groupings, thanks to our African heritage and island specificities makes us an ideal point of convergence. We are grateful to AFI for facilitating the gathering of our two groups.”
The event began with AfPI and PIRI Expert Groups on Financial Inclusion Policy sharing feedback on national financial inclusion priorities and challenges. Day Two saw a training session on how to enhance financial inclusion through innovative digital payments, with a workshop from Mastercard on how to improve service delivery in remote communities.
On Day Three, delegates learnt how policy interventions, strategies and innovations which are driving financial inclusion in the Seychelles, and there was a Public Private Dialogue on how to drive innovation in digital payments and payment systems. The event culminated in a Leaders’ Roundtable on Day Four, where Governors and Deputy Governors from Central Banks across the two regions exchanged with AFI members on how to advance the financial inclusion agenda.
Digital innovation is vital, but must work for all
Throughout the four days, the need for innovative approaches and tools for driving financial inclusion was evident. “We must challenge the status quo, reimagine possibilities, and adapt to the digital age,” said Maiava Atalina Emma Ainuu-Enari, Chair of AFI’s Pacific Islands Regional Initiative and Governor of the Central Bank of Samoa. “By embracing emerging technologies and fostering a culture of innovation, we would revolutionize our approach to regulatory frameworks, enhance regulatory experimentation, cultivate a learning mindset, and pave the way for sustainable growth.”
Innovation in itself would not be enough, however, warned AFI Executive Director, Dr Alfred Hannig. “For innovation to work, it must be truly inclusive and responsible, serving all of society, especially those at the bottom of the economic pyramid. This means creating solutions which ensure equitable access, affordability, and suitability of services for all.”
As a manifestation of their commitment to inclusive innovation, AFI’s Africa and Pacific Island regions formally adopted the Victoria Consensus, which sets how they will embrace inclusive innovation principles in their work to advance financial inclusion.
“Inclusive innovation can be a major contributor to financial inclusion, complementing stability and integrity objectives”, added Dr. Hannig. “The Victoria Consensus sets out our members’ clear commitment to embedding the principles of inclusive innovation into their strategy and activities.”
Following the meeting, Dr Hannig, Governor Abel and Governor Atalina met with the Seychelles President, Wavel Ramkalawan, where they discussed opportunities for digital financial inclusion and the state of knowledge in the wider AFI network.