‘Financial Inclusion a Key Pillar’ in CBL’s Strategic Plan

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The Executive Governor of the Central Bank of Liberia (CBL), Milton A. Weeks, has assured the public of the bank’s continuous financial inclusion for sustainable development.

Mr. Weeks, according to a CBL release, gave the assurance in Nadi, Fiji, while participating in the 8th Global Policy Forum (GPF) of the Alliance for Financial Inclusion (AFI). The forum is hosted under the theme, “Building the Pillars of Sustainable Inclusion.”

This year’s GPF highlights the global efforts in promoting financial inclusion as a cardinal pillar of inclusive economic growth and development.

The forum recognized the importance of financial inclusion as a key tool for sustainable development as enshrined in the new Sustainable Development Goals (SDGs) and the Addis Ababa Action Agenda on financing for development. Of the 17 goals, seven give specific recognition to financial inclusion as a powerful enabler of development progress.

The 2016 GPF, the release said, was attended by over 540 delegates from 82 countries, including central bank governors and policymakers, international multilateral institutions, and the private sector.

The ceremony was opened by the Prime Minister of the Republic of Fiji, Rear Admiral (Retired) Josala Voreqe Bainimarama, and attended by senior officials of the Fijian Government, who reported on the full commitment of the Fijian government’s support to financial inclusion.

On the sidelines of the GPF on Thursday, September 8, the Governor Weeks met with Alfred Hannig, the Executive Director of Alliance for Financial Inclusion, during which Governor Weeks highlighted financial inclusion as one of the key pillars of the new Strategic Plan of the CBL and assured AFI of the strong commitment of the CBL to the objective and goal of AFI. Mr. Hannig praised the active role that the CBL continues to play in AFI since it became a member of the Alliance in 2010.

Both leaders therefore agreed to strengthen the partnership between the CBL and AFI, which will enable the CBL to benefit from the immense resources of AFI, including capacity building, knowledge-sharing and funding support for the financial inclusion program of the CBL.

Meanwhile, Governor Weeks has assured Mr. Hannig of the continuous active role of the CBL in AFI and expressed the bank’s interest in taking membership in the Small and Medium Enterprise Finance Working Group (SMEFWG) of AFI.

“While Liberia has made significant strides in promoting financial inclusion, there is need for further actions to build on the progress made so far at the national level. The Agenda for Transformation (AfT), the strategy for taking Liberia to a middle-income level economy by 2030,
clearly articulates Financial Inclusion as one of the key policy goals,” Governor Weeks noted.

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