The Maya Declaration is a global initiative for responsible and sustainable financial inclusion issued by the Alliance for Financial Inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is the first global and measurable set of financial inclusion commitments by developing and emerging economies.
The Maya Declaration is broad in nature, focusing on creating the right environment; implementing the correct framework; ensuring consumer protection measures are taken and using data to inform and track financial inclusion efforts. The declaration was made through AFI's network of financial institutions and, although no vote was taken, its common principles have been implicitly adopted by all the network's members.
Since its launch at the 2011 Global Policy Forum (GPF) in Mexico, members of the Alliance for Financial Inclusion (AFI) have made concrete financial inclusion targets, continued to implement in-country policy improvements and regularly shared progress updates on the AFI Data Portal (ADP). [1] The founding members were:
The Maya Declaration laid the groundwork for AFI members to develop and adopt a series of accords, action plans and statements that outline specific goals and target different aspects of financial inclusion over the years.
2013 | Sasana Accord | Launched at the 2013 AFI GPF in Kuala Lumpur, the Sasana Accord states that financial inclusion policies and strategies will see evidence- and data-based results while also contributing to the accelerated progress and measurement of impact. This makes evidence-based financial inclusion policy a priority by collecting and analyzing comprehensive data, tracking the changing profile of financial inclusion and producing comparable indicators in the network. |
2015 | Maputo Accord | Launched at the 2015 AFI GPF in Maputo, Mozambique, the accord supports access to finance for SMEs to promote sustainable inclusive development and spur innovation. The accord followed on from Turkey's G20 Presidency, which made support for SMEs a key theme. |
2016 | Denarau Action Plan | Launched at the 2016 AFI GPF in Nadi, Fiji, the action plan focuses on gender and women's financial inclusion, identifying measures that AFI members can take to increase the number of women with access to quality and affordable financial services globally to close the financial inclusion gender gap. |
2017 | Sharm El Sheikh Accord | Launched at the 2017 AFI GPF in Sharm El Sheikh, Egypt, the accord recognizes the dual threats of financial exclusion and climate change as key barriers to financial stability. |
2018 | Sochi Accord | Launched at the 2018 AFI GPF in Sochi, Russia, the accord commits AFI members to developing regulatory or policy interventions that balance innovation in technology-based financial services with oversight. |
2019 | Kigali Statement | Launched at the 2019 GPF in Kigali, Rwanda, the statement aims to accelerate the financial inclusion of disadvantaged groups. |
2020 | Statement on Post-COVID-19 Recovery | Launched at the 5th AFI Annual General Meeting in 2020, the statement aims to enhance the network's commitment to restore the momentum and achieve financial inclusion goals through recovery policies following the COVID-19 global health pandemic. |
As of 2021 [update] , 10 years after its launch, almost 80 percent of AFI member institutions have made a Maya Declaration commitment. The 73 countries with institutional commitments are represented by 82 institutions that have collectively made 885 targets into the ADP.
AFI members include roughly 101 central banks and other financial regulatory institutions from nearly 90 emerging and developing economies.
AFI is committed to supporting its members in fully achieving their commitments to contributing towards more inclusive development and poverty alleviation.
The Maya Declaration is the first global and measurable set of commitments made by developing countries to increase financial inclusion. It is underpinned by three core values that have sustained the impact of the platform:
The Maya Declaration has paved the way for the development and implementation of various accords over the years. Each emphasizes a specific aspect of financial inclusion and corresponds to the needs of financial regulators and policymakers against the outlook of the financial sector.
Maya Declaration on Financial Inclusion
We, the Members of the Alliance for Financial Inclusion, a network of central banks, supervisors and other financial regulatory authorities met in Riviera Maya, Mexico, 28 to 30 September 2011, on the occasion of the Third AFI Global Policy Forum,
Recognize the critical importance of financial inclusion to empowering and transforming the lives of all our people, especially the poor, its role in improving national and global financial stability and integrity and its essential contribution to strong and inclusive growth in developing and emerging market countries;
Reaffirm the value of peer-to-peer knowledge exchange and learning among financial regulators and policymakers for the design and implementation of innovative financial inclusion policy solutions relevant to the developing world;
Recall our efforts over the last two years to strengthen and expand the AFI network and to identify and explore high-priority areas for financial inclusion policy in the developing world through AFI’s working groups;
Commit as a network of developing and emerging market financial regulators and policymakers to:
- Putting in place a financial inclusion policy that creates an enabling environment for costeffective access to financial services that makes full use of appropriate innovative technology and substantially lowers the unit cost of financial services;
- Implementing a sound and proportional regulatory framework that achieves the complementary goals of financial inclusion, financial stability, and financial integrity;
- Recognizing consumer protection and empowerment as key pillars of financial inclusion efforts to ensure that all people are included in their country’s financial sector;
- Making evidence-based financial inclusion policy a priority by collecting and analyzing comprehensive data, tracking the changing profile of financial inclusion, and producing comparable indicators in the network.
We remain dedicated to making financial inclusion a reality through concerted domestic and global actions, and actively sharing our knowledge and experience through the AFI network. We commit to delivering concrete financial inclusion outcomes for the developing world to provide sustainable, relevant, cost-effective, and meaningful financial services for the world’s financially unserved populations.
— Members of the Alliance for Financial Inclusion
# | Country | AFI member institution |
1 | Angola | Banco Nacional de Angola |
2 | Argentina | Banco Central de la República Argentina |
3 | Armenia | Central Bank of Armenia |
4 | The Bahamas | Central Bank of The Bahamas |
5 | Bangladesh | Bangladesh Bank |
Microcredit Regulatory Authority of Bangladesh | ||
Ministry of Finance Bangladesh | ||
6 | Belarus | National Bank of the Republic of Belarus |
7 | Bhutan | Royal Monetary Authority of Bhutan |
8 | Brazil | *Banco Central do Brasil |
9 | Burundi | Banque de la République du Burundi |
10 | Cambodia | National Bank of Cambodia |
11 | Chile | Ministerio de Desarrollo Social de Chile |
12 | China | People's Bank of China |
China Banking Regulatory Commission | ||
13 | Colombia | *Ministerio de Hacienda y Crédito Público de Colombia |
14 | Congo, Democratic Republic of | Banque Centrale du Congo |
15 | Costa Rica | Superintendencia General de Entidades Financieras de Costa Rica |
16 | Côte d'Ivoire | Ministère de l’Economie et des Finances de la Côte d'Ivoire |
17 | Dominican Republic | Superintendencia de Bancos de la República Dominicana |
18 | Ecuador | *Banco Central del Ecuador |
19 | Egypt | Central Bank of Egypt |
20 | El Salvador | Banco Central de Reserva de El Salvador |
21 | Eswatini | Ministry of Finance of Eswatini |
Central Bank of Eswatini | ||
22 | Ethiopia | National Bank of Ethiopia |
23 | Fiji | Reserve Bank of Fiji |
24 | The Gambia | Central Bank of the Gambia |
25 | Ghana | Bank of Ghana |
26 | Guatemala | *Superintendencia de Bancos de Guatemala |
27 | Guinea | Banque Centrale de la République de Guinée |
28 | Haiti | Banque de la République d’Haiti |
29 | Honduras | Comisión Nacional de Bancos y Seguros Honduras |
30 | Indonesia | *Bank Indonesia |
31 | Jordan | Central Bank of Jordan |
32 | Kenya | Central Bank of Kenya |
33 | Kyrgyz Republic | National Bank of the Kyrgyz Republic |
34 | Lesotho | Central Bank of Lesotho |
35 | Liberia | Central Bank of Liberia |
36 | Madagascar | Direction Générale du Trésor, Ministère des Finances et du Budget, Madagascar |
37 | Malawi | Reserve Bank of Malawi |
38 | Mauritania | Banque Centrale de Mauritanie |
39 | Malaysia | Bank Negara Malaysia |
40 | Mexico | Comisión Nacional Bancaria y de Valores |
41 | Mongolia | Financial Regulatory Commission of Mongolia |
42 | Morocco | Bank Al-Maghrib |
43 | Mozambique | Banco de Moçambique |
44 | Namibia | Bank of Namibia |
45 | Nepal | Nepal Rastra Bank |
46 | Nigeria | Central Bank of Nigeria |
47 | Pakistan | State Bank of Pakistan |
48 | Palestine | Palestine Monetary Authority |
49 | Panama | *Superintendencia de Bancos de Panamá |
50 | Papua New Guinea | Bank of Papua New Guinea |
51 | Paraguay | Banco Central del Paraguay |
52 | Peru | Superintendencia de Banca, Seguros y AFP del Perú |
53 | Philippines | Bangko Sentral ng Pilipinas |
54 | Russia | Central Bank of the Russian Federation |
55 | Rwanda | National Bank of Rwanda |
56 | Samoa | Central Bank of Samoa |
57 | São Tomé e Príncipe | Banco Central de São Tomé e Príncipe |
58 | Senegal | Ministère de l’Economie et des Finances du Sénégal |
59 | Seychelles | Central Bank of Seychelles |
60 | Sierra Leone | Bank of Sierra Leone |
61 | Solomon Islands | Central Bank of Solomon Islands |
62 | Suriname | Central Bank van Suriname |
63 | Tajikistan | National Bank of Tajikistan |
64 | Tanzania | Bank of Tanzania |
65 | Timor-Leste | Banco Central de Timor-Leste |
66 | Tonga | National Reserve Bank of Tonga |
67 | Trinidad and Tobago | Central Bank of Trinidad and Tobago |
68 | Uganda | Bank of Uganda |
69 | Uzbekistan | Central Bank of the Republic of Uzbekistan |
70 | Vanuatu | Reserve Bank of Vanuatu |
71 | West Africa | **Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) |
72 | Zambia | Bank of Zambia |
73 | Zimbabwe | Reserve Bank of Zimbabwe |
* Former AFI member institution that made a commitment while active in the network.
** BCEAO represents Benin, Burkina Faso, Guinea-Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo.
The Central Bank of Brazil is Brazil's central bank. It was established on Thursday, 31 December 1964, a New Year's Eve.
The Bank of Uganda is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department.
The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling.
The Bank of Sierra Leone is the central bank of Sierra Leone. It issues the country's currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange.
The Reserve Bank of Fiji is the central bank of the Pacific island country of Fiji. The responsibilities of the RBF include the issue of currency, control of money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development.
The Reserve Bank of Malawi is the central bank of Malawi established in the year 1964 located in Lilongwe. The current governor is Wilson Banda.
The Central Bank of Paraguay is Paraguay's highest monetary authority, and the country's governing body, in finances and economics. Its headquarters are in Asunción's Carmelitas neighbourhood. The institution was created by Law 18/52 of March 25, 1952. In 1995, the legal frame of the Central Bank was replaced by Law 489/95.
The Bank of the Republic of Haiti is the central bank of Haiti. It was formed in 1979 from the National Bank of the Republic of Haiti, which had served as the country's bank of issue since 1910, itself succeeding the National Bank of Haiti.
The Bank of Ghana is the central bank of Ghana. It is located in Accra and was formed in 1957. The bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
The Bank of Zambia (BoZ), is the central bank of Zambia.
The Central Bank of the Republic of Guinea is the central bank of Guinea. The headquarters of the bank is located in the capital city of Conakry. The current governor is Dr Karamo Kaba.
The Bank of Papua New Guinea is the central bank of Papua New Guinea, which has a core mandate to ensure price stability and maintain macroeconomic growth. To achieve this, it discharges four main functions; 1. responsible for the formulation and implementation of monetary policy, 2. ensure financial system development and stability, 3. ensure the payment system remain efficient, and 4. provide a banking role to the Government. It also manages the country's foreign reserves, issue the country's currency, manages the gold and foreign exchange of Papua New Guinea. Mr Loi Martin Bakani is the current governor of the bank.
The Central Reserve Bank of El Salvador is the central bank of El Salvador, which controls the currency rate and regulates certain economic activities within El Salvador. The bank was originally privately owned, but was brought under state control through The Law of the Reorganization of Central Banking.
The Central Bank of Samoa, situated in the capital Apia beside the main government buildings, issues the Samoan currency, the Samoan tālā as well as regulates and manages the exchange rate with foreign currencies. In its role as the central bank for the government and the country, it is also responsible for the registration and supervision of commercial banks. The current governor since 2011 has been Maiava Atalina Emma Ainuu-Enari.
The National Bank of the Republic of Belarus is the central bank of Belarus, located in Minsk. The bank was created in 1922 under the name of "Belarusian Republican Bank" by the Soviet of People's Commissars of Byelorussia, but soon worked under the direction of the State Bank of the USSR. Undergoing reorganizations in 1959 and 1987, the bank appeared in its current form in 1990 after the passage of banking rules upon declaring independence from the Soviet Union.
The China Banking Regulatory Commission (CBRC) was an agency of the People's Republic of China (PRC) authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions.
Microcredit Regulatory Authority (MRA) is the central body to monitor and supervise microfinance operations of non-governmental organizations of the Republic of Bangladesh. It was created by the Government of People's Republic of Bangladesh under the Microcredit Regulatory Authority Act. License from the Authority is mandatory to operate microfinance operation in Bangladesh as an NGO.
Polylateral Development
The Global Policy Forum (GPF) is organized by the Alliance for Financial Inclusion, or AFI, as the keystone event for its membership and financial inclusion policymakers worldwide. Each year, it is co-hosted by a different member institution in a different region of the world. AFI has roughly 100 member institutions from nearly 90 countries, making the AFI GPF the most important and comprehensive forum for regulatory institutions with an interest in promoting financial inclusion policy. The AFI GPF is focused on developing and improving national financial inclusion strategies and policies and is used as a platform for senior financial regulators to exchange ideas as well as engage in peer-to-peer learning activities.
The Alliance for Financial Inclusion (AFI) is a policy leadership alliance owned and led by member central banks and financial regulatory in developing countries with the objective of advancing financial inclusion.