segments of our financial community. we are now attempting to reverse this through more proportionate risk - based systems. beyond banking, affordability of access is more constrained in property insurance markets, where financial vulnerability is heightened because of the increasing frequency and intensity of hurricanes, which can in a single season push households into ruin. finally, relevant to the themes of consumer empowerment, we recognise the scope for improved literacy and conduct regulations to improve financial welfare. 1 / 2 bis central bankers'speeches as it should be, political pressures to address financial inclusion deficits are mounting in the bahamas, and there has to be comprehensive constructive responses. in the strategies that the bahamian central bank is formulating, we understand that the private sector will not optimally achieve all of the outcomes that we desire. we recognise that an enabling environment that embraces the aspirations of the maya declaration, with a focus on fintech, to promote digital inclusion is critical. this is defining very critical elements of our approach. however, we also have to identify those elements of both the policy space and technology infrastructure that ought to be supplied by the public sector. for example, the central bank of the bahamas is engaged in the creation and promotion of a digital version of the national currency which is expected to close vital payments system gaps for the bahamas that many countries are able to leave up to the private sector to resolve. at the same time, the bank has volunteered to coordinate development of a national financial inclusion strategy that would enlist all relevant stakeholders, and focus on more than just payments and banking. we are already seeing the benefits of our membership in the afi, in bringing sharper focus to our financial inclusion initiatives. in that spirit, we look forward to a continued build out of this network of peers, capturing all of the accessible knowledge and experiences that you have to offer. coming into these working group meetings i expect that we have broadly similar goals, and expectations ; and that there will be mutual gains from our exchanges over the next four days. indeed, we have two very stimulating agendas. as we have received you as our guests, we hope too that you will find time to experience a sampling of our culture and the beauty of our people and country. welcome again and my best wishes for a productive week! 2 / 2 bis central bankers'speeches

at https : / / www. afiglobal. org / sites / default / files / publications / 2018 - 08 / maya _ fs _ 18 _ aw _ digital. pdf see press release : the central bank of the bahamas joins the alliance for financial inclusion & commits to the maya declaration, https : / / www. centralbankbahamas. com / news. php? id = 16452 & cmd = view the sochi accord : fintech for financial inclusion ( https : / / www. afiglobal. org / publications / 2851 / sochi - accord - fintech - for - financial - inclusion ) 9 | page box 3 : central bank of the bahamas commitments under the maya declaration under the maya declaration of the alliance for financial inclusion the central bank has committed to : i ) support the development of a national financial inclusion strategy by 2020. ii ) increase access to banking and payment services by reinforcing our newly revised customer due diligence ( cdd ) requirements. iii ) introduce a digital version of the bahamian currency by 2020, to ensure minimum levels of access to banking and payments services in geographically remote parts of the bahamas. iv ) collaborate with the government on improved national identity infrastructure to enhance the know your customer ( kyc ) procedures in our supervised financial institutions ( sfis ). v ) conclude the development and start - up of a credit bureau in the bahamas by 2020 to foster trust and accountability between our sfis and their customers. vi ) in partnership with relevant stakeholders, pursue the creation of the office of the financial services ombudsman ( ofso ) by 2020. vii ) promote public awareness of consumer rights and responsibilities through our recently deployed financial literacy program, get money smart bahamas. 10 | p a g e