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NAIROBI, Kenya -- Nearly 100 central bankers and other financial policymakers gathered here today for the official launch of the Alliance for Financial Inclusion (AFI), a coalition of countries from the developing world committed to making savings accounts, insurance, and other financial services available to millions of people living on less than $2 a day.
Research has shown that better access to financial services can fuel economic growth by raising national income via increased savings and investments in poor households as well as in small and medium enterprises. This access also enhances financial stability by injecting formal savings into the system, diversifying the capital base, and providing stability during global downturns. Yet, an estimated 2.5 billion people – over half the world’s adult population – do not have access to savings accounts and other financial services.