# The Maya Declaration

The Maya Declaration is a global initiative for responsible and sustainable financial inclusion issued by the Alliance for Financial Inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is the first global and measurable set of financial inclusion commitments by developing and emerging economies.
The Maya Declaration is broad in nature, focusing on creating the right environment; implementing the correct framework; ensuring consumer protection measures are taken and using data to inform and track financial inclusion efforts. The declaration was made through AFI's network of financial institutions and, although no vote was taken, its common principles have been implicitly adopted by all the network's members.

## History

Since its launch at the 2011 Global Policy Forum (GPF) in Mexico, members of the Alliance for Financial Inclusion (AFI) have made concrete financial inclusion targets, continued to implement in-country policy improvements and regularly shared progress updates on the AFI Data Portal (ADP). The founding members were:
* Comisión Nacional Bancaria y de Valores
* Superintendencia de Banca, Seguros y AFP del Peru
* Reserve Bank of Fiji
* Bank of Tanzania
* Banque de la Republique du Burundi
* Banque Centrale de la Republique de Guinee
* Bank of Uganda
* Central Bank of Kenya
* Central Bank of Nigeria
* Reserve Bank of Malawi
* National Bank of Rwanda

### Accords over the years

The Maya Declaration laid the groundwork for AFI members to develop and adopt a series of accords, action plans and statements that outline specific goals and target different aspects of financial inclusion over the years.
| 2013 | Sasana Accord | Launched at the 2013 AFI GPF in Kuala Lumpur, the Sasana Accord states that financial inclusion policies and strategies will see evidence- and data-based results while also contributing to the accelerated progress and measurement of impact. This makes evidence-based financial inclusion policy a priority by collecting and analyzing comprehensive data, tracking the changing profile of financial inclusion and producing comparable indicators in the network. |
| 2015 | Maputo Accord | Launched at the 2015 AFI GPF in Maputo, Mozambique, the accord supports access to finance for SMEs to promote sustainable inclusive development and spur innovation. The accord followed on from Turkey's G20 Presidency, which made support for SMEs a key theme. |
| 2016 | Denarau Action Plan | Launched at the 2016 AFI GPF in Nadi, Fiji, the action plan focuses on gender and women's financial inclusion, identifying measures that AFI members can take to increase the number of women with access to quality and affordable financial services globally to close the financial inclusion gender gap. |
| 2017 | Sharm El Sheikh Accord | Launched at the 2017 AFI GPF in Sharm El Sheikh, Egypt, the accord recognizes the dual threats of financial exclusion and climate change as key barriers to financial stability. |
| 2018 | Sochi Accord | Launched at the 2018 AFI GPF in Sochi, Russia, the accord commits AFI members to developing regulatory or policy interventions that balance innovation in technology-based financial services with oversight. |
| 2019 | Kigali Statement | Launched at the 2019 GPF in Kigali, Rwanda, the statement aims to accelerate the financial inclusion of disadvantaged groups. |
| 2020 | Statement on Post-COVID-19 Recovery | Launched at the 5th AFI Annual General Meeting in 2020, the statement aims to enhance the network's commitment to restore the momentum and achieve financial inclusion goals through recovery policies following the COVID-19 global health pandemic. |

### A decade-long journey

As of 2021, 10 years after its launch, almost 80 percent of AFI member institutions have made a Maya Declaration commitment. The 73 countries with institutional commitments are represented by 82 institutions that have collectively made 885 targets into the ADP.
AFI members include roughly 101 central banks and other financial regulatory institutions from nearly 90 emerging and developing economies.
AFI is committed to supporting its members in fully achieving their commitments to contributing towards more inclusive development and poverty alleviation.

## Core values

The Maya Declaration is the first global and measurable set of commitments made by developing countries to increase financial inclusion. It is underpinned by three core values that have sustained the impact of the platform:
* Self-determination: Each institution sets its own targets in recognition of the fact that country circumstances vary and that there is no simple, off-the-shelf solution.
* Peer-to-peer knowledge exchange: Harness mutual sharing and collaboration within the network to leverage practical and innovative policy solutions that address financial inclusion challenges.
* International cooperation: Effective knowledge partnerships with policymakers and regulators from developed countries, multilateral corporations, research institutions, private sector and funders to enhancing inclusive finance
The Maya Declaration has paved the way for the development and implementation of various accords over the years. Each emphasizes a specific aspect of financial inclusion and corresponds to the needs of financial regulators and policymakers against the outlook of the financial sector.

## Full text of Maya Declaration

   Maya Declaration on Financial Inclusion
   We, the Members of the Alliance for Financial Inclusion, a network of central banks, supervisors and other financial regulatory authorities met in Riviera Maya, Mexico, 28 to 30 September 2011, on the occasion of the Third AFI Global Policy Forum,
   Recognize the critical importance of financial inclusion to empowering and transforming the lives of all our people, especially the poor, its role in improving national and global financial stability and integrity and its essential contribution to strong and inclusive growth in developing and emerging market countries;
   Reaffirm the value of peer-to-peer knowledge exchange and learning among financial regulators and policymakers for the design and implementation of innovative financial inclusion policy solutions relevant to the developing world;
   Recall our efforts over the last two years to strengthen and expand the AFI network and to identify and explore high-priority areas for financial inclusion policy in the developing world through AFI’s working groups;
   Commit as a network of developing and emerging market financial regulators and policymakers to:
   * Putting in place a financial inclusion policy that creates an enabling environment for costeffective access to financial services that makes full use of appropriate innovative technology and substantially lowers the unit cost of financial services;
   * Implementing a sound and proportional regulatory framework that achieves the complementary goals of financial inclusion, financial stability, and financial integrity;
   * Recognizing consumer protection and empowerment as key pillars of financial inclusion efforts to ensure that all people are included in their country’s financial sector;
   * Making evidence-based financial inclusion policy a priority by collecting and analyzing comprehensive data, tracking the changing profile of financial inclusion, and producing comparable indicators in the network.
   We remain dedicated to making financial inclusion a reality through concerted domestic and global actions, and actively sharing our knowledge and experience through the AFI network. We commit to delivering concrete financial inclusion outcomes for the developing world to provide sustainable, relevant, cost-effective, and meaningful financial services for the world’s financially unserved populations.

## Institutions with Maya Declaration commitments

| # | Country | AFI member institution |
| 1 | Angola | Banco Nacional de Angola |
| 2 | Argentina | Banco Central de la República Argentina |
| 3 | Armenia | Central Bank of Armenia |
| 4 | The Bahamas | Central Bank of The Bahamas |
| 5 | Bangladesh | Bangladesh Bank |
| 5 | Bangladesh | Microcredit Regulatory Authority of Bangladesh |
| 5 | Bangladesh | Ministry of Finance Bangladesh |
| 6 | Belarus | National Bank of the Republic of Belarus |
| 7 | Bhutan | Royal Monetary Authority of Bhutan |
| 8 | Brazil | *Banco Central do Brasil |
| 9 | Burundi | Banque de la République du Burundi |
| 10 | Cambodia | National Bank of Cambodia |
| 11 | Chile | Ministerio de Desarrollo Social de Chile |
| 12 | China | People's Bank of China |
| 12 | China | China Banking Regulatory Commission |
| 13 | Colombia | *Ministerio de Hacienda y Crédito Público de Colombia |
| 14 | Congo, Democratic Republic of | Banque Centrale du Congo |
| 15 | Costa Rica | Superintendencia General de Entidades Financieras de Costa Rica |
| 16 | Côte d'Ivoire | Ministère de l’Economie et des Finances de la Côte d'Ivoire |
| 17 | Dominican Republic | Superintendencia de Bancos de la República Dominicana |
| 18 | Ecuador | *Banco Central del Ecuador |
| 19 | Egypt | Central Bank of Egypt |
| 20 | El Salvador | Banco Central de Reserva de El Salvador |
| 21 | Eswatini | Ministry of Finance of Eswatini |
| 21 | Eswatini | Central Bank of Eswatini |
| 22 | Ethiopia | National Bank of Ethiopia |
| 23 | Fiji | Reserve Bank of Fiji |
| 24 | The Gambia | Central Bank of the Gambia |
| 25 | Ghana | Bank of Ghana |
| 26 | Guatemala | *Superintendencia de Bancos de Guatemala |
| 27 | Guinea | Banque Centrale de la République de Guinée |
| 28 | Haiti | Banque de la République d’Haiti |
| 29 | Honduras | Comisión Nacional de Bancos y Seguros Honduras |
| 30 | Indonesia | *Bank Indonesia |
| 31 | Jordan | Central Bank of Jordan |
| 32 | Kenya | Central Bank of Kenya |
| 33 | Kyrgyz Republic | National Bank of the Kyrgyz Republic |
| 34 | Lesotho | Central Bank of Lesotho |
| 35 | Liberia | Central Bank of Liberia |
| 36 | Madagascar | Direction Générale du Trésor, Ministère des Finances et du Budget, Madagascar |
| 37 | Malawi | Reserve Bank of Malawi |
| 38 | Mauritania | Banque Centrale de Mauritanie |
| 39 | Malaysia | Bank Negara Malaysia |
| 40 | Mexico | Comisión Nacional Bancaria y de Valores |
| 41 | Mongolia | Financial Regulatory Commission of Mongolia |
| 42 | Morocco | Bank Al-Maghrib |
| 43 | Mozambique | Banco de Moçambique |
| 44 | Namibia | Bank of Namibia |
| 45 | Nepal | Nepal Rastra Bank |
| 46 | Nigeria | Central Bank of Nigeria |
| 47 | Pakistan | State Bank of Pakistan |
| 48 | Palestine | Palestine Monetary Authority |
| 49 | Panama | *Superintendencia de Bancos de Panamá |
| 50 | Papua New Guinea | Bank of Papua New Guinea |
| 51 | Paraguay | Banco Central del Paraguay |
| 52 | Peru | Superintendencia de Banca, Seguros y AFP del Perú |
| 53 | Philippines | Bangko Sentral ng Pilipinas |
| 54 | Russia | Central Bank of the Russian Federation |
| 55 | Rwanda | National Bank of Rwanda |
| 56 | Samoa | Central Bank of Samoa |
| 57 | São Tomé e Príncipe | Banco Central de São Tomé e Príncipe |
| 58 | Senegal | Ministère de l’Economie et des Finances du Sénégal |
| 59 | Seychelles | Central Bank of Seychelles |
| 60 | Sierra Leone | Bank of Sierra Leone |
| 61 | Solomon Islands | Central Bank of Solomon Islands |
| 62 | Suriname | Central Bank van Suriname |
| 63 | Tajikistan | National Bank of Tajikistan |
| 64 | Tanzania | Bank of Tanzania |
| 65 | Timor-Leste | Banco Central de Timor-Leste |
| 66 | Tonga | National Reserve Bank of Tonga |
| 67 | Trinidad and Tobago | Central Bank of Trinidad and Tobago |
| 68 | Uganda | Bank of Uganda |
| 69 | Uzbekistan | Central Bank of the Republic of Uzbekistan |
| 70 | Vanuatu | Reserve Bank of Vanuatu |
| 71 | West Africa | **Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) |
| 72 | Zambia | Bank of Zambia |
| 73 | Zimbabwe | Reserve Bank of Zimbabwe |
* Former AFI member institution that made a commitment while active in the network.
** BCEAO represents Benin, Burkina Faso, Guinea-Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo.