Understanding the Objectives of the Alliance for Financial Inclusion (AFI)
The Alliance for Financial Inclusion (AFI) was established in 2009 with the express goal of advancing policies that effectively provide safe, robust, and lasting financial services for everyone. This global network of financial policy-makers and regulatory institutions was born out of the collaborative efforts of a group of central banks and financial regulators from developing nations. AFI’s mission is fundamentally rooted in two fundamental principles. First, that policies and regulations should be structured according to the unique context of each individual country. Second, that financial inclusion is a potent instrument for reducing poverty and boosting economic development.
AFI’s Funding Model
AFI’s funding model is a mix of membership dues, grants, and contributions from its partners. A significant portion of its funds comes from international development agencies and foundations that share its commitment to financial inclusion. This financial support enables AFI to undertake a wide range of initiatives aimed at enhancing financial inclusion and literacy, fostering innovation in financial services, and promoting inclusive and sustainable economic growth.
Choosing Initiatives and Projects at AFI
AFI uses a rigorous and comprehensive process to identify, evaluate, and select the initiatives and projects it will undertake. The main criteria used in this process include alignment with AFI’s mission and strategic objectives, potential for impact on financial inclusion, sustainability, and alignment with the needs and priorities of AFI’s members and partners.
The process begins with a call for proposals from AFI’s members and partners. These proposals are then screened and shortlisted by AFI’s program teams based on the aforementioned criteria. The shortlisted proposals are then subjected to a detailed review and evaluation by a selection committee comprising representatives from AFI’s members, partners, and senior management. The final decision on which initiatives and projects to undertake is made by AFI’s Board of Directors, based on the recommendations of the selection committee.
Enhancing Financial Inclusion Through AFI’s Initiatives
Over the years, AFI has been instrumental in driving numerous initiatives to enhance financial inclusion globally. For instance, through its Global Policy Forum, AFI brings together policy-makers and regulators from around the world to share knowledge, best practices, and innovative solutions to enhance financial inclusion. AFI has also launched various working groups that focus on specific areas of financial inclusion, such as digital financial services, consumer protection, and gender and financial inclusion.
Through its initiatives and projects, AFI is not only contributing to the advancement of financial inclusion but also playing a vital role in reducing poverty and promoting inclusive and sustainable economic growth globally. As AFI continues its journey, it remains committed to its mission of enabling all individuals, regardless of their economic status, to access and use a broad range of quality financial services that meet their needs.
For more information about AFI’s objectives, funding model, and how it determines its initiatives and projects, click Here.
