improving access to financial services. within a short span of three years, afi has been instrumental in galvanising commitments from member countries to enhance financial inclusion policies, resulting in 20 million of the unbanked to gain access to financial services. yet we wish to achieve more than just access. the nature and quality of the financial services and the nature of the participation in the financial system is equally important. the poor are confronted with challenging circumstances, such as low and irregular income that makes monthly debtservicing difficult, or living in remote rural areas which have no financial services access points, or long working hours that prevent visiting bank branches within the conventional operational hours. as a result, many of the marginalised may have financial services made available to them, but it may not be at the needed conditions or quality that can provide the real promise of upward economic mobility. access, therefore needs to be complemented by the quality of the financial services. of importance is the innovation and design of consumer products which have characteristics bis central bankers ’ speeches that are linked to the goal of welfare improvements for the underserved. there is a greater need for features that are responsive to the constraints faced by those that have been marginalised. flexible microfinance for the agricultural sector for example, addresses the cash flow mismatches between fixed repayments to banks and the irregular income flow of the farmers due to the seasonality of crops. a further innovation has also involved the creation of platforms for matching savers with those that need financing. in malaysia, the introduction of investment accounts as opposed to deposit accounts in the islamic financial system is an example, where savings are matched with the funding required by small and medium scale enterprises for financing of specific projects – has resulted in an investment intermediation function by the banking institutions. in addition to innovation, technology is also an agent to deliver quality financial services. technology can lower cost, increase outreach and expand the range of financial services. the kenyan mobile payment services, m - pesa, leverages on mobile technology to provide the poor with high frequency, small value transactions and affordable financial services. priority 2 : building on the sasana accord for measurable goals the second area relates to the identification and adoption of the measureable and timebound targets as included under the sasana accord. clear and measurable outcomes provide a shared understanding that will align the different stakeholders towards the common goal of delivering results to the financially excluded segments of society. a key aspect of realising the sasana accord is

only be resolved when different stakeholders, each with different spans of authority and oversight, work together in a coordinated and cohesive manner. it will need to involve the cumulative efforts of the government, regulators, market agents, the financial industry and the consumers. at the national level, improving inter - agency cooperation is vital to ensure that the respective strategies are aligned to achieving the common goals of financial inclusion. this may call for institutional arrangements to bring authorities together to secure a joint commitment towards clearly defined and measurable financial inclusion goals, with well - defined lines of accountability. brazil, mexico, tanzania, indonesia and fiji have also established national bis central bankers ’ speeches co - ordination frameworks, which offer afi members diverse examples of such national collaboration. while we focus on financial inclusion initiatives at the national level, equally important is that adequate attention be accorded at the global level. in this regard, afi assumes a unique role because it is the only global network that comprises of practising financial inclusion policy makers. therefore, afi has an important role in leading the way in gathering examples of best practices based on specific country experience, in the area of financial inclusion and its relation to financial stability and consumer protection objectives. afi is therefore also a key platform that brings together policymakers, financial service providers, telecommunication and technology industries to have greater awareness on the trends that can support the advancement of financial inclusion. additionally, afi ’ s engagement with international organisations is also key given the implications of their initiatives on financial inclusion. conclusion let me conclude. there is now greater appreciation that the level and quality of financial inclusion will have a significant impact on the prospect for balanced and sustainable growth. afi has demonstrated its important role in leading the way for greater financial inclusion in the world economy. afi is unique because its membership covers practitioners from developing and emerging economies, who can share approaches that can be customised to a respective country ’ s unique circumstances. we begin this two day global policy forum, with our vision firmly focussed on our long - term goal of universal access to quality financial services which will provide our communities with the chance to change. this global forum and afi provides an unparalleled opportunity that brings together strategy, knowledge, expertise and best practices from across the afi membership. this provides us with the real potential to make a difference in financial and economic inclusion and thus with the potential to transform lives. thank you. bis central bankers ’ speeches