United Nations Advisors Group aims to expand access to financial services for the poor and micro entrepreneurs
Leading financial experts from around the world gathered in Halifax, Nova Scotia on Thursday to discuss strategies for improving access of the world's poor to loans, savings, insurance, remittances and other financial services. Currently two to three billion people are excluded from financial services worldwide, services that could have a dramatic effect on improving livelihoods and ending poverty.
It was the second official meeting of the United Nations Advisors Group on Inclusive Financial Sectors, which consists of 25 representatives from governments and policy makers, regulatory authorities, central banks, commercial banks, microfinance institutions, development organizations, donor agencies, academia and civil society. The Group is engaging the active participation from this broad range of participants.
The Advisors Group, which has a two-year mandate, provides advice and guidance to the UN and aims to help remove the barriers that prevent the poor from accessing a broad range of financial services on a sustainable basis. Its objectives are to address specific constraints that are limiting access to financial services, to explore and expand opportunities to broaden and deepen the financial services sector in countries worldwide and to firmly establish access to financial services as an integral part of the global development agenda.
"The Advisors Group will take advantage of the unique platform provided by the United Nations to assure that governments, regulators, and the private sector begin to focus on access to financial services as an important development issue. This UN affiliation gives it convening power, a strong advocacy role and substantive authority to really make a difference," said Richard Weingarten, Executive Secretary of the UN Capital Development Fund, the UN organization that is hosting the Secretariat for the Group in collaboration with the UN Development Programme and the UN Department of Economic and Social Affairs.
"Today, more people than ever around the world are focused on efforts to alleviate poverty, and more people realize the centrality of access to financial services to realizing that goal. I believe the work of this Group will help make the policy environment more open to the poor and to increase interest in meeting the needs of small entrepreneurs," said Joseph Eichenberger, Vice President, Country Operations and Policy, African Development Bank, and member of the Advisors Group.
Princess Maxima of the Netherlands, a former banker and member of the Advisors Group, said: "Microfinance is more than just a powerful tool to fight poverty. It brings dignity, respect and empowerment to millions of families around the world. With sufficient political will to make sure that rules and opportunities apply equally to all, there is enormous potential for people to escape poverty and build a more secure future."
The Advisors Group meeting was hosted by the Credit Union Central of Nova Scotia following the global meeting of the Microcredit Summit Campaign. The Advisors focused their discussions on addressing the broad areas of research and data, regulation and supervision, engaging the private sector, and advocacy.
Members of the Group include representatives of:
ABN AMRO
ACCION International
Africa Development Bank
Aga Khan Agency for Microfinance
Bank of Israel
Bank Rakyat Indonesia (BRI)
BCEAO (Central Bank of West African States)
Central Bank of Malaysia
Consultative Group to Assist the Poor (CGAP)
Cooperation for Development, Ministry of Foreign Affairs, Luxembourg
Credit Union Central of Canada (CUCC) / World Council of Credit Unions (WOCCU)
Deutsche Bank
Equity Bank
Eurogiro Network A/S
Goldman Sachs Group, Inc.
Government Savings Bank of Thailand
International Monetary Fund (IMF)
International Telecommunication Union (ITU)
KASHF Foundation
M-CRIL
Microfinance Center for Central and Eastern Europe
Ministry for Foreign Affairs, Sweden
New York State Banking Department
New York University
UN Department of Economic and Social Affairs (UNDESA)
United Nations Capital Development Fund (UNCDF)
United Nations Development Programme (UNDP)
University of Chicago
Visa International
World Bank
For further information, please visit the UNCDF website at www.uncdf.org/ag or contact: Mr. Adam Rogers, Head of Communications, UNCDF, tel: +1-212-906-6082, [email protected] or Ms. Hyewon Jung, Programme Manager UN Advisors Group Secretariat, tel: +1-212-906-6693, [email protected].
