Forum Views - December 2024
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Introduction
Unseen Mandate: Central Banks Expanding Role in
Financial Inclusion
Financial inclusion is vital for reducing poverty, strengthening
financial stability, and driving economic growth. Central banks
in the global south are leading the charge, increasingly
adopting innovative strategies in collaboration with the private
sector, to expand financial access for underserved
populations. These efforts are key to achieving sustainable
development goals such as gender equality (SDG 5), decent
work and economic growth (SDG 8), and they merit ongoing
support.
Globally, central banks have long been tasked with traditional
roles: issuing currency, serving as bankers to the government,
acting as lenders of last resort, and ensuring price, monetary,
and financial stability. In emerging markets, however, with
additional challenges such as poverty and inequality, financial
inclusion has increasingly become a strategic priority for
central banks, acknowledging its role as a key enabler of
development, crucial for effective monetary policy and overall
economic stability.
This shift has been further driven by initiatives such as the
Alliance for Financial Inclusion (AFI), a global network of
central banks and policymakers established in 2008. As of
September 2023, AFI’s 86 member institutions from 76
countries have made 1,222 “Maya Declaration”
commitments—a set of policy actions aimed at advancing
financial inclusion on a national level.
Since taking the lead, the results have been significant.
According to the World Bank’s Global Findex report, the
percentage of adults with bank accounts globally increased
from 51% in 2011 to 76% in 2021. This success demonstrates
the convening power of central banks, which have brought
together diverse stakeholder groups to work towards a
common goal—tackling multiple development challenges
through inclusive financial systems.
CENTRAL BANKS AS CATALYSTS FOR
FINANCIAL INCLUSION IN AFRICA:
POLICY, INNOVATION & IMPACT
Aishah N. Ahmad, CFA
Central Bank of Nigeria
Experiences from countries like Nigeria, Rwanda, and
Eswatini highlight how regulatory leadership and innovation
can drive meaningful progress in financial inclusion and other
global challenges.
Over the past decade, Nigeria’s financial system has
transformed into a powerhouse of payments and financial
services innovation, attracting global investment and driving
significant growth in digital financial access. According to
EFINA, the country’s financial inclusion rate increased from
An Ecosystem Approach to Expanding Financial Access in
Nigeria
Globally, central banks have long been
tasked with traditional roles: issuing
currency, serving as bankers to the
government, acting as lenders of last
resort, and ensuring price, monetary,
and financial stability. In emerging
markets, however, with additional
challenges such as poverty and
inequality, financial inclusion has
increasingly become a strategic
p r i o r i t y f o r c e n t r a l b a n k s ,
acknowledging its role as a key
enabler of development, crucial for
effective monetary policy and overall
economic stability.
(Nigeria)
10
FORUM VIEWS - DECEMBER 2024
Global Insights
Former Deputy Governor
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