AFI 2018 -2021

Alliance for Financial inclusion (AFI) is a member-owned and member-driven global organization with focus on financial inclusion on policy level. The word inclusion indicates a broader focus than access in that aspects of usage and quality are brought into the analysis. The members of the alliance consist of policymaking and regulatory institutions (mainly central banks) in 92 developing and emerging countries. Increasingly, AFI members are prioritizing policies aimed at narrowing the financial inclusion gender gap, a key barrier to economic growth and stability that has persisted in spite of significant gains in financial inclusion overall. The objective of the program (Advancing Women´s Economic Empowerment through Financial Inclusion 2018-2021) is to support the action plans of the members in order to strengthen women´s access and usage of financial services. The action plans are centered around supporting countries make and fulfil their Maya Declaration Commitments in women´s financial inclusion and the implementation of the Denarau Action Plan. The objective is to reduce the gender gap by half until 2021. AFI has applied to Sida for funding of 77 million SEK to carry out the program. The annual disbursements will be MSEK 20 except the last one (MSEK 17). AFI looks at Sida as a strong like-minded partner and that the project will advance women´s financial inclusion and improve livelihoods for women and girls. Sida´s capacity to actively engage in the partnership has yet to be determined. Since the Denarau action plan was introduced in 2016 32 countries have up till now made some kind of commitment related to gender and women´s financial inclusion. Seven countries (Bangladesh, Tanzania, Zambia, Nigeria, Cambodia, Jordan and Palestine) have issued gender specific policy changes. The goal is that 40 countries will make commitments and 30 countries introduce policy changes. Sex-disaggregated data, consumer protection, financial education and entrepreneurship are among the deliverables. AFI acts according to a true bottom-up and demand-driven model that has proven to be highly effective. The members contribute in-kind which adds to ownership and sustainability. The objective will be reached through 3 key strategies: a) Improve the evidence on women´s financial inclusion and communicate that to members b) Support AFI members in developing the practical skills to develop and implement policies that enhance women´s financial inclusion c) Advocate for women´s financial inclusion at the global level Activities will be: a) Cross-regional peer learning b) Technical capacity building c) public-private cooperation d) In-country implementation support e) Peer-to-peer advisory services f) Joint learning program on gender g) Communication and advocacy related activities The project will create an important public good in the form of new knowledge for policymakers. The partnership is fully in line with the strategy on sustainable economic development with its references to domestic financial markets and financial services for women. Employment, financial stability and PSD are other relevant areas within the strategy. Digitalization is another common interest, visible through the Digital financial services working group. Sida´s global portfolio within financial inclusion is built on different strategic partnerships with distinct characteristics. Different actors look at the root causes from different angles. This mirrors the fact that financial inclusion is not a specific SDG but rather an important enabler for several of the goals. AFI´s unique characteristic in this respect is their member-driven bottom-up approach with direct linkages to the highest policy level.