Luis Trevino, Senior Policy Manager, Financial Inclusion Data, Alliance for Financial Inclusion

Data is transforming financial landscapes, worldwide: that was the clear takeaway from the recent meeting of AFI’s Financial Inclusion Data and Impact Working Group (FIDIWG) in the Seychelles.

From hearing about Egypt’s journey in building a centralized data hub, to discussions on overcoming barriers to women’s financial inclusion, it was evident that data can be a powerful tool for change, particularly in areas like inclusive green finance and MSME development.

Those discussions will now inform FIDIWG’s upcoming activities, where a significant focus will be on Gender-Inclusive Finance, including leveraging sex-disaggregated data to close the financial inclusion gender gap. While in the Seychelles, we benefited greatly from hearing CGAP’s insight into the potential of supply-side gender-disaggregated regulatory data. This data can inform not only financial inclusion policies, but also broader supervisory mandates like consumer protection and financial stability.

We were delighted to elect a new FIDIWG Gender Focal Point, Mr. Waqar Muhammad from State Bank of Pakistan, who will champion this activity, building on the outstanding legacy of Dr. Settor Amediku. The AFI Policy Model for Gender Inclusive Finance will continue to serve as a useful guide, as our members address challenges related to data collection and standardization, and as they balance data needs with privacy and data protection considerations.

Another area where members are placing renewed emphasis involves Measuring Impact, developing standardized methodologies and tools to rigorously assess how financial policies translate into tangible changes in people’s lives.

Building upon the emphasis of measuring impact, another critical area is also focusing on Data Hubs and Dashboards. Within this domain, we are collaborating to produce a guideline note aimed at assisting countries in the effective collection, analysis, and visualization of financial inclusion data.

Reflecting the vital role of small and medium-sized enterprises (MSMEs) in economic development, we are working alongside AFI’s SME Finance Working Group to develop an MSME Data Toolkit with a gender focus. This Toolkit aims to offer practical guidance on data collection, analysis, and visualization, specifically tailored to support evidence-based policymaking.

Underpinning all these efforts is a strong commitment to Peer Learning and Capacity Building. We’re facilitating collaboration and knowledge exchange on data issues among member countries, currently supporting initiatives in Burundi, Comoros, and Sri Lanka.

The next few months will be crucial as we seek to advance these different initiatives in preparation for the AFI Global Policy Forum in September. Therefore, I invite our members to maintain the commitment and engagement that we saw in Seychelles – let’s work together to harness the power of data and build a more inclusive and impactful financial future for all!

“We all use data to inform us what we can do. And with this we see, quality data coming out, because members have put in a lot of effort, they have invested in suptech and regtech tools that facilitate to collect quality data from supervised entities, and we are able to make informed policies.” said Rita Kayibanda, National Bank of Rwanda

You can learn more about AFI’s Financial Inclusion Data and Impact Working Group on its webpage.