innovative solutions because they have the confidence that there would be no adverse unintended consequences to financial stability and integrity. empirical data can also support standard - setting bodies in designing differentiated guidance for financial services for low - income households and smes. while the importance of data collection is obvious, there tends to be under investment and an ‘ attention deficit ’ among decision makers on such a critical matter. second, it is crucial to build the capacity of regulators, supervisors and financial institutions so that the ecosystem has the requisite capacity to implement proportionality in practice. the basel range of practice survey highlights supervisors ’ unmet demand for capacity building, as only 30 % of supervisors globally had received training on supervision of banking services for the low income segment. the basel meeting with standard - setting bodies on 2 october 2014 chaired by her majesty queen maxima, the united nations secretary general ’ s special advocate, also highlighted the importance of technical assistance programmes to build up local knowledge and capacity of national supervisors, so that experience in applying proportionality can be shared. third, it is timely for financial regulators to engage non - financial regulators such as telecommunication authorities at a global and national level, in order for regulation to keep abreast with the latest developments in financial inclusion solutions. technology plays a significant role in rapidly scaling up financial inclusion by lowering the cost of delivery as well as increasing convenience and quality of services for the masses. technology enables us to bypass legacy systems and constraints. for example mobile banking, where banks partner with mobile network operators to offer banking services anywhere, any time and in real time, that has enable reach beyond traditional boundaries without the need for a huge investment in infrastructure. importance of the global symposium to galvanise action this leads on to why we are gathered here at this symposium. the global symposium will discuss and highlight the detailed next steps to implement proportionality in practice. this symposium uniquely brings together the relevant key stakeholders to deliberate the issues of proportionality in practice. the afi ’ s working group members on digital financial services, sme finance and global standards will share their perspectives on regulatory and supervisory matters. the private sector banks and remittance service providers share practical realities in the market to comply with international standards. in addition, we have international experts from the seacen, toronto centre and world bank, who have a pivotal role in implementing effective projects to advance proportionality in practice. of importance, this symposium will culminate in an outcome statement that captures the actionable recommendations from deliberations among

in this respect, have been invaluable. since the launch of the family of banknotes in 2009, currency in circulation has increased by 35 percent. this is attributable mainly to the p200 banknote, which is an indication of its popularity. in fact, by the end of 2013, the p200 banknote accounted for approximately 60 percent of all the paper money in circulation. as a related matter, the management of all currency is now conducted on these premises called the cash management centre. this facility assures efficient handling and delivery of quality service to commercial banks, and generally enhances efficiency in the national cash management cycle. although banknotes and coin continue to be a major medium of exchange in botswana, non - cash transactions, especially electronic transfers, have gained considerable ground. the result is that the average monthly cheque payments have declined by over 50 percent to about p3 billion in the five years to 2013. in the same period, congestion at banking halls for cash withdrawal has been eased, due to the increasing number and usage of automated teller machines ( atms ). equally important, the value of average monthly atm withdrawals has increased by about 50 percent to p1. 3 billion. bis central bankers ’ speeches in the not - too - distant future, the efficiency of the national payments system will be enhanced by the introduction of the cheque imaging and truncation system, which will reduce the cheque clearing cycle. furthermore, both the accountant general ’ s office and the botswana unified revenue service will be connected to the bank of botswana through the electronic botswana interbank settlement system. this will greatly improve the speed, security and efficiency of government payment transactions, as well as those of the botswana unified revenue service. director of ceremonies, distinguished guests : there is one last piece of noteworthy information obtained from institutional memory that i would like to share with you. that is, since botswana withdrew from the rand monetary area and introduced its own currency in 1976, it is the first time that a sitting president will, by the end of this ceremony, have coincidentally presided over the renewal of all of the country ’ s banknotes and coin. congratulations are in order, sir. distinguished guests, ladies and gentlemen : it is now my pleasant duty and honour to invite you to the podium, sir, your excellency the president, so you could deliver your address and ultimately launch the country ’ s new family of coin, and, at the same time, declare the new coin legal