Financial Inclusion Support Framework Launched

11/15/2013 - 3:57pm

The Financial Inclusion Support Framework (FISF) was launched by the World Bank Group at the Financial Access for All event on April 21, 2013, during the Spring Meetings of the World Bank and International Monetary Fund.  The FISF launch was welcomed in the G20 Finance Ministers Communique of April 19, 2013, and is designed to support countries to achieve their commitments and targets as set out in the G20 Financial Inclusion Peer Learning Program and the Alliance for Financial Inclusion's (AFI) Maya Declaration. 

In launching the initiative, World Bank Group Managing Director Sri Mulyani Indrawati said that the World Bank Group is ready to take up the challenge of supporting countries in reaching their financial inclusion targets and accelerating progress toward reducing the 2.5 billion people without access to financial services today.

Over 40 countries have made headline commitments to expand financial inclusion, including through the G20 Financial Inclusion Peer Learning Program and AFI. The objective of the FISF is to accelerate the expansion of financial inclusion through enabling the achievement of these country commitments and targets.  
In emphasizing the World Bank Group’s commitment to the FISF, Ms. Indrawati noted that: "We will bring our knowledge, expertise and financing to bear in support of governments and regulators, leading to reforms that will unlock private sector investment and innovation."  She also emphasized that the FISF provides as a coordination platform for all partners in supporting countries noting that: "This Framework will help promote closer coordination and shared financial inclusion efforts with regional development banks, bilateral donors and other partners such as the G20 Global Partnership for Financial Inclusion, the Alliance for Financial Inclusion and CGAP.”
The Netherlands announced $25 million in funding for the FISF.  Klaas Knot, the President of the Netherlands Central Bank, stated: “The program we are launching today is the result of a global consensus in the G20 to promote financial inclusion. Increased access to financial services will provide households and enterprises with the opportunity to derive greater benefits from their participation in economic activities. In addition to our financial contribution for the FISF, we also plan to involve Dutch financial institutions which have considerable relevant experience in sustainable banking and in emerging markets.”
The Executive Director of AFI, Alfred Hannig, welcomed the FISF on behalf of the 87 member countries of the AFI network, noting that the FISF can support them in achieving their financial inclusion targets and commitments.