Ghana becomes 18th member committed to Alliance for Financial Inclusion’s Maya Declaration

Ghana, through its central bank became the 18th member of the Alliance for Financial Inclusion (AFI) to declare its support for the The Maya Declaration.

The Maya Declaration is the first global and measurable set of commitments by developing and emerging country governments to unlock the economic and social potential of the 2.5 billion ‘unbanked’ people through greater financial inclusion.

On its website March 3, 2012, the AFI said it “welcomes Bank of Ghana as the 18th AFI member committing to further advancing financial inclusion under The Maya Declaration.”

Meanwhile, the Bank of Namibia also became the 19th AFI member to make specific Maya Declaration commitments

On March 5, 2012 the Bank of Namibia announced it would be making specific commitments to financial inclusion under the Maya Declaration. The Bank is the 19th AFI member to officially make a commitment, since the announcement of the Maya Declaration at the 2011 Global Policy Forum.

The AFI is a global network of financial policymakers from developing and emerging countries working together to increase access to appropriate financial services for the poor.

AFI says more than 80 such countries – representing over 75% of the world’s unbanked population – have endorsed the Maya Declaration.

Each country makes measurable commitments in four broad areas that have been proven to increase financial inclusion.

These include creating enabling environment to harness new technology that increases access to and lowers the costs of financial services; Implement a proportional framework that advances synergies in financial inclusion, integrity, and stability; Integrate consumer protection and empowerment as a key pillar of financial inclusion; and Utilize data for informed policymaking and tracking results.

By Ekow Quandzie