Central Bank of Ghana Elected Vice-Chair Of AfPI

Bank of Ghana

Bank of Ghana has been elected as the Vice Chair of the African Financial Inclusion Policy Initiative (AfPI) and will take over the position in the next two years.

Launched in 2013, AfPI is the primary platform for AFI members in Africa to support and develop financial inclusion policies and regulatory frameworks, and to coordinate regional peer learning efforts.

With support from AFI’s regional office in Abidjan, Côte d’Ivoire, AfPI brings together high-level representatives from African financial policymaking and regulatory institutions to enhance the implementation of innovative financial inclusion policies across the continent.

AfPI Leaders’ Roundtable will be held in the Seychelles in 2023 after Seychelles took over as the Chair of AFI’s African Financial Inclusion Policy Initiative (AfPI) from the Bank of Tanzania.

Prof. Florens D.M.A Luoga, Governor Bank of Tanzania, handed over the post to his Seychelles counterpart Governor Caroline Abel on 23 June during AfPI Leaders’ roundtable in Arusha, Tanzania. Governor Abel is the first woman to Chair an AFI regional initiative.

Expressing appreciation and honour given to him and cooperation he enjoyed with AFI Management Unit and from members of the African Financial Inclusion Policy Initiative (AfPI), Professor Luoga welcomed Governor Abel as the new chair during the closed AfPI Leaders’ Discussion.

Thanking Prof Luoga and the Bank of Tanzania for the leadership during the past two challenging years of the global COVID-19 pandemic, AFI Executive Director Dr. Alfred Hannig praised collaboration and engagement both in the Africa region and the global network.

Governor Abel assumed the post noting that the “noble task of fostering parentships and exchanging experiences would further take the network to new heights and continue to play a critical role in peer learning on innovative financial inclusion policies across the African continent.”

She emphasized that diversity in both AFI’s biggest regional initiative and the global network, presents ample opportunities to gain new perspectives and strengthen efforts to move forward.

“Our journey to enhance financial inclusion is ongoing. We have to adapt to changing realities to enhance financial services for all and achieve inclusive and sustainable economic growth”, Seychelles Governor said in her acceptance remarks.

Governor Abel’s post of the AfPI Chair reflects progress made in gender and women inclusive finance in the network as part of work under the Denerau Action Plan (DAP).

This is the first time AFI Africa leaders met in person, following two years of virtual work. Leaders discussed inclusive digital finance and policies that promote financial inclusion for vulnerable groups such as women, the youth, forcibly displaced persons, and rural and remote communities. High level public-private dialogue which followed, offered an exchange of market-based solutions that promote sustainable and inclusive finance.

“This week’s program showed how the network has matured. This is obvious from contributions and quality of solutions shared. The spirit of our community is back” AFI’s Hannig told the leaders adding that members in the region showed incredible resilience and energy over the past two years. “This region has been instrumental in making AFI a leading global policy alliance”, Dr Hannig underscored and thanked Bank of Tanzania for its leadership.

Addressing the leaders, Dr. Hannig explained that in the post pandemic world it becomes obvious that every crisis comes with opportunities. With the world being impacted by the conflict in Eastern Europe, inflation, climate crisis, pressure is increasing on the vulnerable groups such as women, who have suffered the most during the pandemic.
“Financial inclusion can bring balance and a strong organization such as AFI is necessary to keep the promise of leaving no one behind”, Dr. Hannig said.

Reflecting on what has made AFI strong over the years, AFI’s Executive Director highlighted good governance and maintaining its highest standards, along with genuine values such as open dialogue, cooperation model based on modesty, humility, mutual respect and honesty, as well as a sound funding base.

“Our business model has proven to be strong and commitments from members have been key”, Dr. Hannig told the meeting.

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