25 February 2019
The Alliance for Financial Inclusion (AFI) is deeply saddened by the death of one of its founding members and advocates, Governor Nestor Espenilla Jr. of Bangko Sentral ng Pilipinas (BSP), who passed away on 23 February, 2019.
We at AFI express our heartfelt condolences to the family of the late Governor Espenilla, staff of the central bank and the Philippine government.
Governor Espenilla played a crucial role in bringing AFI to life and developing it into the global leadership alliance that it is today. While serving as Deputy Governor, he led BSP as a founding and first official member of AFI. He played a key role in the governance of the AFI network as alternate to former BSP Governor Amando Tetangco Jr. who was a member of the Steering Committee (now known as the Board of Directors) from 2009 including as Chair for two years, from 2012 to 2014. His personal dedication, passion and hard work have helped made the Alliance for Financial Inclusion (AFI) what it is today.
Under his leadership BSP has become a global champion in financial inclusion, with enhanced knowledge, understanding and skills that play a crucial role in deepening financial inclusion in the country. Governor Espenilla was well known for his work to ensure financial inclusion received due consideration within global standard setting bodies, chairing the Financial Inclusion workstream of the Basel Consultative Group. Above all, Governor Espenilla will always be remembered for working tirelessly to provide, and increase access to quality financial services for the unbanked, both in the Philippines and globally.
AFI will continue to work with Bangko Sentral ng Pilipinas to strengthen financial inclusion in the Philippines and advance the work of the late Governor.