Banco Central do Brasil’s (BCB) robust commitment to financial inclusion was in focus during last week’s Forum on Financial Inclusion in Florianópolis, Brazil. The bank highlighted how financial inclusion serves as a key pillar of the government’s economic development agenda, and as a catalyst for its Brazilian Financial Citizenship concept to further strengthen consumer protection, transparency, social inclusion and enhance living standards so all citizens contribute towards a better future. During the opening ceremony, BCB Deputy Governor for Supervision Anthero de Moraes Meirelles took pride in his nation’s financial inclusion achievements, noting: “We have developed models that have been examples for other countries.”

The Brazilian government’s view on the role of financial inclusion as an important component of social inclusion was stressed to an audience of high-level attendees, including Deputy Governor for Supervision Meirelles, BCB Deputy Governor Luiz Edson Feltrim, Minister of the Micro and Small Enterprise from the Presidency of the Republic Guilherme Afif Domingos, and Alliance for Financial Inclusion (AFI) Executive Director Alfred Hannig. Representatives from the Ministry of Education, Ministry of Strategic Affairs from the Presidency of the Republic, and the Brazilian Service for Micro and Small Enterprises Support (SEBRAE) were also in attendance.

BCB, a member of AFI since 2010, has spearheaded the promotion and development of financial inclusion in Brazil based on its National Partnership for Financial Inclusion which includes all relevant stakeholders in the country. A critical aspect of the National Partnership for Financial Inclusion is to strengthen the institutional environment to facilitate coordination and efficiency and achieve positive short-term results.

The meeting emphasized the nation’s rapid advancements in financial education, and introduced a concept to include fiscal education as a core element of the Brazilian school system. Additionally, the value of information and data transparency to facilitate access to credit was underscored.

The National Committee on Financial Inclusion’s role in advancing Brazil’s strategic objectives was highlighted, with speakers remarking on the high value and quality results that have been achieved since the Committee was formed.

During the “Global Trends: Leadership and Cooperation in to Promote Financial Inclusion” session, Mr. Hannig applauded BCB for its leadership efforts in the AFI Network and its contribution to financial inclusion both in Brazil and worldwide. BCB was one of the first AFI members to make Maya Declaration Commitment, it has provided valuable input as a member of the Consumer Empowerment and Market Conduct (CEMC) Working Group, co-organized the International Week of Financial Inclusion, contributed in the Sub-Committee on Independence, has a representative on the AFI Steering Committee in Deputy Governor Feltrim, and is scheduled to participate in advisory programs with the Bank of Tanzania (BOT) next month.

“BCB has been an invaluable asset to global efforts to enhance financial inclusion, sharing its lessons and takeaways to assist other nations in their work, while embracing the knowledge and experience of others,” said Mr. Hannig. “BCB’s continuing efforts to scale up financial inclusion will deliver new opportunities for its nation’s people to live a better life and build a better future.”