AFI Develops Financial Services for the Poor - Bill & Melinda Gates Foundation
Alliance for Financial Inclusion brings together central banks and others representing nearly 70 percent of world’s unbanked; network will develop and implement policies to reach millions across developing world
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.
To read the full press release, vist the Aliance for Financial Inclusion web site.