The afternoon of Day 2 focused on second generation solutions to emerging financial inclusion challenges.

Financial Education: Key to the success of financial inclusion and consumer protection

Why should central banks play a role in improving financial literacy and education? Because these contribute to a more stable and participatory financial system.

Key takeaway
Financial education can help to improve trust between clients and banks and empower people to make the right choices and protect themselves. Financial education should be a part of overall national financial inclusion strategies and efforts.

New business models for financial inclusion: Key challenges

What are some of the biggest challenges facing service providers? Meeting the real needs of customers with appropriate technology solutions.

Key takeaway
Understanding and tailoring technology to the needs of customers and using “carrot” incentives to change customer behavior help to drive product and service uptake and usage. Harmonized regulations and better communication between regulators and service providers also help to expand financial inclusion, “which is by definition a volume business.”

Microinsurance: Part of the financial inclusion ecosystem

What is the role of microinsurance and how does it fit into integrated financial inclusion strategies? Discussions explored this question as well as whether AFI members were interested in adding microinsurance to AFI’s core policy areas.

Key takeaway
Getting microinsurance right means figuring out how to expand access to insurance while determining the role of proportionate supervision regulations in supporting this access. It also means determining the role of policy and regulation in developing inclusive insurance markets, innovative payment systems, and affordable insurance products.

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