This Accord has formulated the measuring tools for the monitoring of Key Performance Indicators (KPIs) that has assisted policy makers in implementing and refining strategies to assist the underserved. Immense progress has also been made in gathering accurate and timely data for financial inclusion KPIs. Traditionally, financial inclusion data has been scarce as they have depended on national user surveys. In this regard, the Global Findex has made a very significant contribution to financial inclusion policymakers and practitioners, as it is a database of more than 150,000 survey responses from more than 140 countries across the world. With the data from the Global Findex, which is updated every 3 years, we are now able to compare in a consistent manner the financial inclusion performance across countries and analyse trends over time. The availability of country performance data not only provides peer pressure that spurs action, but also provides empirical evidence on which financial inclusion policy actions are delivering the most optimal impact. The analysis of the Global Findex data has provided strong evidence that countries which adopted mobile banking outperformed those that did not. Such empirical evidence facilitates policymakers and the private sector in their drive for greater financial inclusion. Priorities for greater financial inclusion In these recent years, there has been significant progress in advancing financial inclusion across the world. According to the Global Findex, 700 million adults have gained access to formal financial services since 2011. This is indeed a significant achievement. Yet 2 billion adults today are still unbanked.

The financial inclusion mandate of the Bank is further reinforced by The Financial Sector Blueprint 2011–2020, which charts the future development of the Malaysian financial system. It details the Bank’s holistic approach toward achieving greater financial inclusion. An important evolution in the advancement of our financial inclusion strategies is the increasing focus on data and measurement. Success can only be celebrated if it is proven by visible developments that is felt on the ground. Hence, one of the cornerstone recommendations under the Financial Sector Blueprint is the development of a Financial Inclusion Index, a framework to measure accessibility to financial services as well as its  BIS central bankers’ speeches  1  usage and quality. Our performance on this agenda has therefore been measured, consistent with our drive for accountability and excellence. Further policy initiatives have included the introduction of agent banking which has enabled 99% of Malaysians today to enjoy convenient access to safe, reliable and affordable financial services. International efforts to enhance financial inclusion measurement Internationally, there is an emerging common understanding that measurement is an essential policy tool for implementation. In this regard, the Alliance for Financial Inclusion, a network of central banks and financial regulators from 96 countries, has provided an important platform in advancing the global agenda of financial inclusion measurement. With the Sasana Accord, which was agreed upon in 2013 during the Global Policy Forum held here in Sasana Kijang, AFI members underscored the importance of measuring the progress of financial inclusion using a common set of measurable indicators.