At the recent 2024 AFI Global Policy Forum, leaders and members of AFI’s South Asia Region Financial Inclusion Initiative (SARFII) assessed the group’s progress since its formation in 2022 and set out to formulate a long-term plan.

The incoming SARFII Chair, Governor Mr. Maha Prasad Adhikari of Nepal Rastra Bank, highlighted SARFII’s achievements in advancing financial inclusion nationally and regionally, including the recent publication of an AFI knowledge product, Payment Innovations and Risks in South Asia, and organizing a Women Leaders Roundtable on Advancing Gender Inclusive Finance in South Asia.

Governor Adhikari said that “SARFII’s priorities will include striving towards advancing Digital Financial Services, Consumer Protection and Inclusive Financial Literacy, which members have identified as priority thematic areas. SARFII shall continue to be a common platform for policy dialogue and knowledge exchange.”

As part of its Action Plan, SARFII will initiate a diagnostic assessment of Inclusive Digital Infrastructure, Digital Payments, and DFS in member countries. AFI will also initiate collaboration with the Bank of International Settlements’ Innovation Hub in Singapore, around the development of suptech solutions that monitor real time payments, and detect and flag suspicious or fraudulent transactions.

During the meeting, Governor Mr. Jameel Ahmed of State Bank of Pakistan was appointed as SARFII’s new Vice-Chair. The next SARFII meeting will be held from 17-20 February 2025 in Kathmandu, Nepal.

You can learn more about SARFII’s focus areas, activities and member institutions on its webpage, and read an interview with the incoming SARFII Chair, Governor Adhikari, here.