G20 china_web

Sustainable development
The cooperation model is based on
country-led approaches
The Maya Declaration has inspired
regulators across the globe
NEIL THOMAS/CORBIS VIA IMAGE GETTY SOURCE IMAGES
Repaying a loan at a microfinance
meeting in Uganda
into this wealth of knowledge and use it to
tailor its own policy solutions. Fortunately,
we are not starting from scratch.
A proven cooperation model
The Alliance for Financial Inclusion (AFI)
was founded on the idea that a global
knowledge exchange platform was key
to expanding and improving financial
inclusion policy. During the last eight years,
the AFI network, supported by its funders,
has invested deeply in this platform, and
data show the model is delivering tangible
results while saving time and money. AFI’s
members are actively engaged in advancing
financial inclusion at national, regional and
international levels through partnerships
and cooperative arrangements with other
regulators, as well as with international
organisations and private sector leaders.
The cooperation model is a simple
one, based on country-led approaches and
peer-to-peer engagements. By following
these two key principles, AFI has created
an international community of peers based
on trust and mutual respect, driven by
a common vision of advancing financial
inclusion. The growth of our network is
proof that the model is popular, but the
more important question to ask is whether
the model actually works. This can best
be answered by looking at how the AFI
Maya Declaration has already altered the
landscape of financial inclusion.
25+32+17+10+5+4+4+3+H
Adults without a bank
account by region
31% South Asia
24% East Asia & Pacific
17% Sub-Saharan Africa
10% Latin America & Caribbean
5% Europe & Central Asia
4% Middle East
4% Other economies
3% High-income OECD economies
Source: Global Findex database.
112
Maya Declaration financial inclusion
targets already achieved
Launched in 2011, the Maya Declaration
quickly grew from a simple statement of
intent to a comprehensive initiative that
has inspired regulators across the globe.
The declaration and the financial inclusion
commitments it inspired represent the AFI
cooperation model in action. In little more
than five years, more than 100 regulatory
institutions have adopted the Maya
Declaration, with 57 national commitments
currently underway and 112 financial
inclusion targets already achieved. It is an
incredible accomplishment, but represents
only a glimpse of what could be possible.
Enhancing G20 leadership
The successes of the Maya Declaration
across emerging and developing countries
offer an opportunity to be replicated
through the leadership of the G20. Investing
resources in expanding a financial inclusion
cooperation platform will not only provide
an invaluable tool for advancing the SDGs,
but will also solidify the G20’s standing as
a global leader.
The G20 has a well-deserved reputation
for bridging the developing and developed
worlds. It has always been looked to for
leadership in raising issues that cut across
traditional dividing lines of North versus
South or developed versus developing. At
the 2010 G20 Seoul Summit, G20 leaders
recognised financial inclusion as a main
pillar of global development and endorsed
the Financial Inclusion Action Plan in
cooperation with like-minded partners, such
as AFI. Since then, every G20 presidency
has moved the action plan forward by
advocating for financial inclusion in
theory and by highlighting the specific and
measurable impacts being felt in developing
and emerging countries through initiatives
such as the Maya Declaration.
Financial inclusion’s future
Of the 17 SDGs, the one that will provide
the greatest returns is ‘Partnerships for the
Goals’. There are very few development
issues as crosscutting as financial inclusion.
Achieving its full potential requires new
partnerships across the public and private
sectors. An investment now in developing
and promoting these partnerships through
a proven cooperation model will pay
dividends long into the future. G20
G7G20.com September 2016 • G20 China: The Hangzhou Summit 159