The Alliance for Financial Inclusion (AFI) is a policy leadership alliance owned and led by member central banks and financial regulatory in developing countries with the objective of advancing financial inclusion.
As of February 2025, AFI had 90 members from 83 countries developing and emerging economies, representing central banks, financial regulatory institutions, and financial inclusion policymakers. AFI partners with regulators in advanced economies, international organizations and private sector leaders to drive practical solutions and facilitate the implementation of impactful policy changes through its cooperative model that embeds peer learning, knowledge exchange and peer transformation.
AFI was founded on the idea that a global knowledge exchange platform was key to expanding and improving financial inclusion policies. AFI connects, encourages and enables policymakers to build capacity and develop policy initiatives in areas of financial technology (fintech), consumer protection, microfinance, SME finance, gender inclusive finance, inclusive green finance and other general financial inclusion initiatives in Africa, Asia, Caribbean, Eastern Europe and Caucasus, Latin America, Middle East and Pacific Islands. Each year, AFI holds its flagship event, Global Policy Forum (GPF), the world's largest financial inclusion gathering of policymakers.
AFI is headquartered in Kuala Lumpur, Malaysia, with regional offices in Africa and Latin America, and a representation office in Europe.
History
Origins and until 2008 In 2006, there was an emerging recognition that policies mattered when it came to financial inclusion. There is also a huge sentiment around the potential of digital financial services for increasing financial inclusion for the unbanked population of the world.
Dr. Hannig described the situation in 2006 as follows:
Through the Gates Foundation, Dr. Alfred Hannig and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) team successfully received grants to kick-off the first phase of AFI in Bangkok, Thailand and subsequently launched it in Kenya in 2009.
2009 to 2010 Less than two years after its launch, AFI went from an initial founding core group of five member institutions to members in more than 60 countries, representing nearly 70 percent of the world's unbanked population.
In 2009, the network saw the first AFI Global Policy Forum, which was held in Nairobi, Kenya under the theme, A marketplace of ideas. Grants to selected member institutions were introduced.
In 2010, the Group of 20 (G20) nominated AFI as one of three implementing partners for the G20 Global Partnership for Financial Inclusion (GPFI). In this role, AFI brought policies for increasing access to financial services from developing countries to the wider G20 forum and facilitated the participation of non-G20 policymakers in developing and emerging economies participate in GPFI work.
2011 Maya Declaration
At the 2011 GPF in Mexico's Riviera Maya, AFI members collectively adopted the Maya Declaration, a global initiative for responsible and sustainable financial inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is a statement of common principles regarding the development of financial inclusion policy.
More than 30 countries represented by AFI member institutions, went a step further by announcing specific and measurable commitments. As of October 2021, AFI member institutions have made a total of 885 Maya Declarations targets.
The Maya Declaration has paved the way for various other accords. In recognition of these developments, both the G20 and the Group of 24 (G24) highlighted the AFI learning model and the Maya Declaration as key steps toward global economic development, with the G20 urging its members to commit to the Maya Declaration.
2013 to 2018
In 2013, AFI members adopted the Sasana Accord on Evidence- and Data-based Results, Accelerated Progress and Measurement of Impact. During the same year, AFI reached 100 member institutions overall with the addition of the Central Bank of Trinidad and TobagoThe Trinidad and Tobago Guardian: Central Bank of T&T joins AFI
In 2015, AFI members endorsed the Maputo Accord, which commits members to support access to finance for small and medium enterprises. It also established its headquarters in Kuala Lumpur, Malaysia, which are hosted by Bank Negara Malaysia.
In 2016, AFI completed the final steps in its evolution from an exclusively donor-funded project into an independent and member-supported international network of policymakers. Members also endorsed the Denarau Action Plan for Gender Inclusive Finance to increase women's access to quality and affordable financial services globally — bridging the financial inclusion gender gap.
In 2017, AFI members adopted the Sharm El Sheikh Accord on Financial Inclusion, Climate Change and Green Finance.
In 2018, AFI set up its Africa Regional Office in Abidjan, Côte d'Ivoire, co-hosted by the country's Ministres de l'Économie et des Finances and Banque Centrale des États de l'Afrique de l'Ouest (BCEAO). That same year, AFI also celebrated its 10th anniversary at its GPF in Sochi, Russia. During the event, members endorsed the Sochi Accord on FinTech for Financial Inclusion.
In 2019, a letter of understanding was signed between AFI and the Ministry of Finance of the Grand Duchy of Luxembourg to launch a new multi-donor collaboration framework to bolster financial inclusion across the African continent. Minister Pierre Gramegna signed the multilateral letter of undertaking, together with AFI Executive Director Dr. Hannig. The cooperation is rooted in the support toward the advancement of the Sustainable Development Goals.
2019 onwards: COVID-19 pandemic and AFI's response The COVID-19 pandemic triggered widespread unemployment and falling levels of gross domestic product and disproportionately impacting the most disadvantaged segments of populations. This led to the implementation of AFI's COVID-19 Policy Response, which aimed to systematically deliver coordinated policy responses to help AFI members mitigate the impact of COVID-19 on financial inclusion policy implementation, especially for micro, small and medium enterprises (MSMEs), women, youth, forcibly displaced and other vulnerable segments of the population.
Virtual engagements were conducted during the lockdown period with technical teams and leadership across its member countries to address specific issues. A series of member needs surveys were distributed to enable AFI to deploy rapid policy response guidelines.
AFI partnered with the Mastercard Foundation to implement a two-year COVID-19 Policy Response program in Africa. The program targeted 49 financial sector regulators and policymaking institutions across the region to effectively respond to the economic consequences of the pandemic. In-country implementation activities were conducted specifically in Nigeria, Uganda, Rwanda, Senegal, Ghana and the BCEAO member jurisdictions.
Responding to global trends, Dr. Hannig described in 2021 a recent evolution in financial inclusion:
“Financial inclusion is no longer just about access to finance and bringing unreached groups into access to formal financial services. [It] is becoming more about maintaining high levels of safe and sound financial access, with increasing usage and quality of financial services … embracing important issues such as financial health and financial resilience, with the ultimate objective to ensure financial stability” – Dr. Alfred Hannig, AFI Executive Director
Impact Since 2009, AFI members have developed and implemented over 920 policy changes to enhance financial inclusion. 841 million people have been brought into formal financial systems as a result of AFI activities.
Since 2016, members have attributed over 100 policies and regulations to AFI annually, an indication that the preparatory work going back many years is beginning to be realized.
Organization AFI's core mission is to empower policymakers to increase the access and usage of quality financial services for the underserved through the formulation, implementation and global advocacy of sustainable and inclusive policies.
AFI is the only existing member-based organization with a strong network of central banks and other financial regulatory institutions, that have a specific focus or sole mandate on financial inclusion to support empowerment of the poor and aid the attainment of Sustainable Development Goals (SDGs) through smart policies and regulations.
It was founded in 2009 by Bangko Sentral ng Pilipinas, Bank Indonesia, Bank of Thailand, Central Bank of Kenya and Comisión Nacional Bancaria y de Valores in close collaboration and with support from the Bill & Melinda Gates Foundation and the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), AFI was established with the goal of advancing the development of financial inclusion policy in developing and emerging economies.
In 2016, AFI became an independent, member-owned and member-based globally operating international organization under Malaysian law.
AFI uses a peer-to-peer learning model to connect, encourage and enable financial policymakers to interact and exchange knowledge on policy initiatives. AFI has pioneered knowledge exchange platforms among policymakers and stakeholders worldwide to build a more comprehensive knowledge base of financial inclusion. This has led to the formulation and implementation of effective policies by members institutions within their home jurisdictions.
AFI also operates the AFI Data Portal (ADP), a unique and integrated global database on financial inclusion policies, regulations and outcomes. Housing information sourced directly from policymakers and regulators, the ADP empowers countries to share their financial inclusion stories and formulate policies through on data while also facilitating the study and understanding of trends in financial inclusion. The portal is accessible online and publicly available.
AFI administers financial inclusion policy-related services, including capacity building, developing-developed country dialogue, grants, in-country implementation support, knowledge products, regional initiatives and working groups, global advocacy on financial inclusion
Since the first AFI GPF in 2009, the event has supported an environment of historic financial inclusion policy initiatives and declarations, including the Maya Declaration, the first global and measurable set of financial inclusion commitments by developing and emerging economies.
AFI Cooperation model AFI's cooperation model was designed to fulfil the objectives of supporting members’ financial inclusion agenda. Putting members in the driving seat of agenda setting for financial inclusion policy, AFI's unique cooperation model is based on the following principles:
Effective governance with Board of Directors and management unit driven by values of transparency, accountability and flexibility Apolitical and non-bureaucratic Full ownership by members who lead and set the agenda for the network's initiatives including Working Groups, Regional Initiatives and capacity building Equality, inclusiveness and equity Solid administrative and financial system with resources focused on operational and financial sustainability Meaningful and binding partnerships with like-minded institutions Permanence and agility Sustainability of AFI services and knowledge resources
Working groups