New IIF, CFI study shows banks’ contributions to financial inclusion
Washington, D.C., July 7, 2016 – The Institute of International Finance (IIF) today released the following statement from its Emerging Markets Advisory Council on the joint study by the IIF and Center for Financial Inclusion (CFI) on banks’ significant contributions to expanding financial inclusion.
“Approximately 2 billion people around the world still do not have access to financial services and are unable to make payments, save, invest and prosper. At a time of subdued global growth, our collective efforts to bring these unbanked into the formal financial system are as critical as ever to revive growth. We appreciate the efforts of the IIF and the Center for Financial Inclusion to better illustrate how the banking community is driving efforts to broaden financial inclusion.”
“We recognize that there is no single solution to address financial inclusion and that culture, environment, regulation and many other factors are all important variables in creating country-specific models. As the study notes, we continue to support ongoing engagement between the financial industry and policymakers in many countries to push forward financial inclusion initiatives including digital payments, e-money products and tech-based partnerships.”
The study–based on in depth interviews of 24 banks in 19 countries–includes insights and innovative solutions to the business challenges of financial inclusion. The full report can be found here and a fact sheet can be found here.
Established in 2008, the Emerging Markets Advisory Council (EMAC) serves as a forum for enhancing the voice of emerging markets institutions, through the IIF, on the reform agenda for the global financial system. The Council comprises 34 Chief Executive Officers/Chairmen of major financial institutions headquartered in 22 emerging market countries. The Council initiated the Emerging Markets Bank Lending Conditions Survey, now a proprietary product of the IIF, and examines key issues with implications to emerging markets, including the post- crisis regulatory framework, and the development of local currency debt markets.
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The Institute of International Finance is the global association for the financial industry, with close to 500 members from 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. Within its membership IIF counts commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks. For more information visit www.iif.com.