Her Majesty Queen Máxima of the Netherlands was appointed by United Nations Secretary-General António Guterres as the United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA) on Wednesday, 25 September. This marks the end of her role as the Special Advocate for Inclusive Finance for Development after 15 years, and the start of an evolved focus in her advocacy.
In her new role as the Special Advocate for Financial Health, Queen Máxima will work to empower people with suitable financial products and tools that enhance their financial health to protect against hardships and promote a better future, all within a safe, inclusive, and sustainable financial system.
The announcement of the UNSGSA’s new mandate was made by Achim Steiner, UNDP Administrator, on behalf of the UN Secretary-General, at a special event held on the sidelines of the 79th UN General Assembly. The event, “Inclusive Finance for Development: 15 Years of Impact” showcased the remarkable progress made in financial inclusion over the past 15 years, its vital role in achieving the Sustainable Development Goals (SDGs), and the importance of financial health in fostering sustainable growth, resilience, and long-term prosperity for everyone.
During his remarks, Mr. Steiner shared a message from UN Secretary-General António Guterres: “In a world of economic uncertainty, conflicts and climate upheaval, financial services are critical to help people control their lives and futures. As Special Advocate for Financial Health, Her Majesty will build upon her vital work to ensure that financial systems can support the dreams, hopes and aspirations of people around the world.”
The event was co-hosted by the Office of the UNSGSA and the Permanent Missions to the UN of the Republic of India, the Republic of Indonesia, the Kingdom of the Netherlands, the Republic of Peru, the Republic of the Philippines, and the United Republic of Tanzania. It was attended by Heads of State, senior UN officials, and leaders from the public and private sectors and international organizations.
Julia Chatterley of CNN International moderated the event, describing Queen Máxima as a leading global voice and convener with an enduring legacy. A special video presentation showcased the stories of three individuals the UNSGSA met during country visits to Tanzania, Colombia, and the Philippines—Victoria Michael Mollel, Manuel Muñeton, and Aubrey Udag—who described how their health, livelihoods, and sense of security about the future were improved by having access to the right financial tools at the right time.
UNSGSA Queen Máxima, reflecting on the sea change in access to financial services over the past 15 years, thanked the members of her Reference Group and many other partners for their work in advancing the financial inclusion agenda, and laying the foundation for financial health. She highlighted several critical efforts and milestones, including data collection to track progress on financial inclusion, enabling regulation for innovation, the support of global financial sector standard-setting bodies (SSBs), the launch of national financial inclusion strategies, and the development of digital public infrastructure (DPI) to deliver broad social and economic benefits.
“We have built the rails,” the UNSGSA said. “Now what we really want to accomplish is that households everywhere in the world have the right financial tools to manage their day-to-day expenses, invest in their future, and protect themselves against shocks like illness, a job loss or climate-related events. This is what I call financial health.”
Six prominent partners reflected on the achievements and work still to be done to reach the world’s remaining 1.5 billion unbanked, and expressed their commitment to ongoing collaboration with Queen Máxima in her new role. Speakers included Mr. Kassim Majaliwa, Prime Minister of the United Republic of Tanzania, Enrique Manalo, Secretary of Foreign Affairs of the Philippines, Ajay Banga, President of the World Bank, Bill Gates, Co-chair of the Bill and Melinda Gates Foundation, Michael Hsu, U.S. Acting Comptroller of the Currency, and Michael Miebach, CEO of Mastercard.
“For years, a core group of advocates, researchers and policymakers, like Queen Máxima, have focused on the concept of financial health to put people first, and going beyond mere inclusion and getting to the heart of what really matters to people in their communities.” – Michael Hsu, U.S. Acting Comptroller of the Currency
The event concluded with a fireside chat moderated by Julia Chatterley of CNN, in which James Mwange, CEO of Equity Bank, Jennifer Tescher, CEO of the Financial Health Network, and Peter Jacobs, CEO of ING Bank Netherlands, discussed financial health as an emerging business imperative in the banking, fintech, and insurance sectors, highlighting the benefits for customers and businesses alike.
A recording of the event can be watched online at: https://webtv.un.org/en/asset/k1q/k1qkn3fquq
Please click here to learn more about the UNSGSA’s new mandate on financial health.