CEOs and Special Advocate Launch Private Sector Partnership for Financial Inclusion
An influential group of CEOs from a diverse set of leading multinational companies has formed a partnership to accelerate financial inclusion around the world.
Convened by the Special Advocate at Davos, the new CEO Partnership for Financial inclusion represents businesses including banks (Rabobank, Santander), fintechs (Ant Financial, PayPal), payments technology (Mastercard), insurance (AXA), mobile network operators (Bharti Airtel, Telenor), and consumer goods companies (PepsiCo, Unilever). The collaboration of the CEOs and their companies represents the first high-level private-private partnership to further financial inclusion.
In Mexico, A Convenience Store Makes Finance Easy
For millions in Mexico, OXXO markets are a one-stop shop for snacks, cell-phone top-ups—and now, banking. Through its popular Saldazo account, the convenience store chain is pioneering a new model for low-income customers. With the touch of a button or a quick visit to the corner store, they can save money, make purchases, pay bills, or send funds.Read more
Breaking Ground in Financing for Women Entrepreneurs
Why do women entrepreneurs have so much lower access to and use of finance than men, the Special Advocate asked in a recent speech, and what should be done to solve this problem? She encouraged providers and others to address data gaps, recognize the business case for serving women, tailor services for women's distinct needs, and called for innovative partnerships.
Blog: In Nigeria, New Horizons for Digital Financial Inclusion
The power of digital financial inclusion to galvanize financial inclusion is increasingly clear in Nigeria, which has committed to reaching 80% financial inclusion by 2020. UNSGSA staff who accompanied the Special Advocate on her recent visit to Nigeria look at how far the country has come and what solutions hold greatest promise.Read more
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
Forty percent of the world’s adults—two 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