UNSGSA Releases 2018 Annual Report
Tracking progress, identifying opportunities, and tackling roadblocks to financial inclusion
From innovative technology to increased engagement by the private sector, several exciting trends are propelling the world’s impressive gains in financial access, according to the newly released annual report from the UNSGSA. The report also details the many ways in which financial inclusion is driving progress on the development goals.
Despite this progress, however, gaps remain—most notably among women and the poor—and account usage lags behind access. The report details the UNSGSA’s ongoing efforts to address these issues through three key areas of work: ensuring usage and development impact, reaching neglected populations, and creating the right environment for technology-enabled financial inclusion.
G20 Side Event Spotlights Women’s Financial Inclusion
Women’s economic empowerment was the focus of a special side event held during the G20 Summit in Buenos Aires. Co-organized by the UNSGSA and President Mauricio Macri of Argentina, the event featured leaders from Argentina, Canada, India, Indonesia, and the World Bank, who discussed the key prerequisites for women’s financial inclusion.
Regulatory Sandboxes Not Always the Answer for Regulating Inclusive FinTech, Says New Report
Regulatory sandboxes are neither necessary nor sufficient to promote inclusive FinTech, and similar results can be achieved through innovation offices and other tools, according to a new report from the UNSGSA's FinTech Working Group and the University of Cambridge’s Centre for Alternative Finance with support from the Monetary Authority of Singapore.
UNSGSA and CEOs Discuss Private-Private Partnerships
At a panel discussion convened by the UNSGSA at the World Economic Forum, members of the CEO Partnership for Economic Inclusion discussed how private-private partnerships can expand financial inclusion while creating new business opportunities. They also shared some promising early results, including an initiative in Pakistan to help merchants digitize their payments and access credit.
Queen Máxima of the Netherlands
Her Majesty Queen Máxima of the Netherlands is the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).
As Special Advocate, Queen Máxima champions universal access to affordable, effective, and safe financial services for the poor. Collaborating closely with global and national partners, she raises awareness, encourages leadership, works to break down barriers, and supports action to expand financial inclusion. Queen Máxima is also honorary patron of the G20’s Global Partnership for Financial Inclusion and serves as a Global Agenda Trustee for the World Economic Forum’s Global Challenge Initiative on the Future of the Global Financial System. In the Netherlands, she is a member of the Committee for Entrepreneurship and Finance and honorary chair of the Dutch Money Wise Platform.Read more
Thirty-one percent of the world’s adults—1.7 billion people—struggle to get by without the basic financial services they need to protect themselves against hardship and invest in their futures.
Financial inclusion seeks to unlock development opportunity and improve the lives of all, especially the poor, by expanding access to catalytic financial tools.
Affordable, effective, and safe financial services—savings, insurance, payments, credit, and more—can play a transformative role by fostering equitable growth and furthering vital development goals such as poverty reduction, job creation, gender equality, and food security.
Financial inclusion can support families when they confront unexpected setbacks and help them work their way out of poverty. It can permit small entrepreneurs to invest in their businesses and create jobs. And it can allow societies and economies to grow stronger and more inclusive.
Financial inclusion cannot end poverty and inequality on its own, but it can contribute significantly to building better lives and more resilient communities. By opening a path to empowerment and opportunity for all, an inclusive financial system is essential infrastructure for every country.Read more