Government policymakers and regulators can play a key role in building a financial ecosystem that encourages innovation, competition, and diversity in offering the type of products and services that help to reduce the vulnerability and build the resilience of those living in poverty. The government and Central Bank of the Philippines (Bangko Sentral ng Pilipinas, or BSP) have taken this on as a mission.
Pia Roman, deputy director of BSP, explains how they work with many stakeholders in the financial ecosystem to encourage the type of financial inclusion that reaches those in extreme poverty.
An interview with Pia Roman, Deputy Director of BSP. Download a transcript of the video [PDF].
By working with payment providers and MNOs, regulators can also help to create an interoperable payment system that works across networks and to make sure that this system can deliver appropriate products and services that can reach those at the bottom end. For financial inclusion to reach everyone, it must have a platform that can deliver financial services to the poorest clients at costs that they afford.
BSP works with other central banks and ministries of finance in the Alliance for Financial Inclusion (AFI), a global association. AFI serves as a world-wide knowledge-sharing network of policymakers and regulators working to expand financial inclusion in their countries. AFI members have developed a process for encouraging accountability for results in the peer-to-peer learning network. In 2012, the AFI members approved the Maya Declaration on Financial Inclusion, calling on “developing and emerging country governments to unlock the economic and social potential of the 2.5 billion poorest people through greater financial inclusion.”  Over 90 countries have signed on to the Maya Declaration, and 45 have made commitments for the steps they will take to accomplish full financial inclusion in their countries.
 Alliance for Financial Inclusion, A Quick Guide to the Maya Declaration Financial Inclusion (Bangkok, Thailand: AFI), 1. http://www.afi-global.org/sites/default/files/afi_maya_quick_guide_withoutannex_i_and_ii.pdf.
Photo Credit: Gaudencio Mendoza Sarmiento for CARD MRI
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Table of Contents
- Executive Summary
- Taking Steps to Target the Poorest
- A Global Context for Extreme Poverty
- Microfinance & Health Providers Can Partner for Greater Results
- Commercial & Social Businesses Can Expand Value Chains to Include Those in Poverty
- Mobile Network Operators Can Build Systems that Reach the Poorest and Most Remote
- Regulators & Policymakers Can Build a National Ecosystem for Inclusion
- Social Support Payments Can Become a Bridge to Financial Inclusion
- Being Accountable for Results
- A Commitment to End Extreme Poverty by 2030
- Read the Full Report
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