The importance of financial inclusion as a unique driver of economic growth and social development took center stage this week at the Gaidar Forum, Russia’s premier annual conference for policymakers, economists and private sector executives, held under the overarching theme “Sustainable Development” on 15-17 January 2014 at the Russian Presidential Academy of National Economy and Public Administration in Moscow.

AFI External Partnership Manager Ilya Sverdlov delivered Executive Director Alfred Hannig’s presentation praising the leadership from nations such as Russia in regard to the advancement of financial inclusion, and highlighted the necessity of continued support of successful, evidence-based financial inclusion policies as an integral part of sustainable development in the future.

“Russia has been a key innovator in financial inclusion policymaking and instrumental in helping to set global standards in the field. Russia, and AFI members from all over the world, have brought innovation and a sense of excitement into the world of financial inclusion,” said Mr. Sverdlov. “Agent banking, mobile banking, consumer protection, financial literacy and education, new partnerships with commercial stakeholders and services, even cutting-edge technology such as biometrics, are all a part of the new financial inclusion landscape. We are on the cusp of some amazing possibilities — and the world’s 2.5 billion unbanked are just waiting for the right opportunity.”

Additionally, Mr. Sverdlov served as a participant in the panel session “Financial Inclusion: Opportunities and Risks for Accelerating Economic Growth and Social Development.” The session was moderated by Mikhail Mamuta, President of the Russian Microfinance Center (RMC), an AFI member institution, and included senior policymakers from the Central Bank of Russia (CBR) and the Russian Ministry of Finance, as well as the Russian Co-Chair of the G20 Global Partnership for Financial Inclusion.

The discussion focused on the role of regulators in the creation of the proper balance between encouraging innovation and ensuring consumer protection, as well as opportunities for developing and emerging nations to inform the work of standard setting bodies (SSBs) and help shape global standards.

“At the Central Bank of Russia, financial inclusion considerations inform our policy decisions. There are a number of areas, such as digital money, where we have made significant progress,” said Vladimir Chistyukhin, CBR Deputy Director and Board Member. “Russia’s experiences in these areas can help to inform the work of regulators in other countries, as well as standard setting institutions.”