The Maya Declaration

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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.

Contents

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.

History

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:

Accords over the years

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.

2013Sasana AccordLaunched 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.
2015Maputo AccordLaunched 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.
2016Denarau Action PlanLaunched 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.
2017Sharm El Sheikh AccordLaunched 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.
2018Sochi AccordLaunched 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.
2019Kigali StatementLaunched at the 2019 GPF in Kigali, Rwanda, the statement aims to accelerate the financial inclusion of disadvantaged groups.
2020Statement on Post-COVID-19 RecoveryLaunched 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.

A decade-long journey

As of 2021, 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.

Core values

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.

Full text of Maya Declaration

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:

  1. 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;
  2. Implementing a sound and proportional regulatory framework that achieves the complementary goals of financial inclusion, financial stability, and financial integrity;
  3. 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;
  4. 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

Institutions with Maya Declaration commitments

#CountryAFI member institution
1AngolaBanco Nacional de Angola  
2ArgentinaBanco Central de la República Argentina
3ArmeniaCentral Bank of Armenia
4The BahamasCentral Bank of The Bahamas
5BangladeshBangladesh Bank
Microcredit Regulatory Authority of Bangladesh
Ministry of Finance Bangladesh
6BelarusNational Bank of the Republic of Belarus
7BhutanRoyal Monetary Authority of Bhutan  
8Brazil*Banco Central do Brasil
9BurundiBanque de la République du Burundi
10CambodiaNational Bank of Cambodia
11ChileMinisterio de Desarrollo Social de Chile
12ChinaPeople's Bank of China
China Banking Regulatory Commission  
13Colombia*Ministerio de Hacienda y Crédito Público de Colombia
14Congo, Democratic Republic ofBanque Centrale du Congo
15Costa RicaSuperintendencia General de Entidades Financieras de Costa Rica
16Côte d'IvoireMinistère de l’Economie et des Finances de la Côte d'Ivoire
17Dominican RepublicSuperintendencia de Bancos de la República Dominicana  
18Ecuador*Banco Central del Ecuador  
19EgyptCentral Bank of Egypt
20El SalvadorBanco Central de Reserva de El Salvador  
21EswatiniMinistry of Finance of Eswatini
Central Bank of Eswatini
22EthiopiaNational Bank of Ethiopia
23FijiReserve Bank of Fiji
24The GambiaCentral Bank of the Gambia
25GhanaBank of Ghana
26Guatemala*Superintendencia de Bancos de Guatemala
27GuineaBanque Centrale de la République de Guinée
28HaitiBanque de la République d’Haiti
29HondurasComisión Nacional de Bancos y Seguros Honduras  
30Indonesia*Bank Indonesia  
31Jordan  Central Bank of Jordan  
32KenyaCentral Bank of Kenya
33Kyrgyz RepublicNational Bank of the Kyrgyz Republic
34LesothoCentral Bank of Lesotho
35Liberia  Central Bank of Liberia  
36Madagascar  Direction Générale du Trésor, Ministère des Finances et du Budget, Madagascar
37MalawiReserve Bank of Malawi
38MauritaniaBanque Centrale de Mauritanie
39MalaysiaBank Negara Malaysia
40MexicoComisión Nacional Bancaria y de Valores
41MongoliaFinancial Regulatory Commission of Mongolia
42MoroccoBank Al-Maghrib  
43MozambiqueBanco de Moçambique
44Namibia  Bank of Namibia
45NepalNepal Rastra Bank  
46NigeriaCentral Bank of Nigeria
47Pakistan  State Bank of Pakistan
48PalestinePalestine Monetary Authority
49Panama*Superintendencia de Bancos de Panamá
50Papua New GuineaBank of Papua New Guinea
51ParaguayBanco Central del Paraguay
52PeruSuperintendencia de Banca, Seguros y AFP del Perú
53PhilippinesBangko Sentral ng Pilipinas
54RussiaCentral Bank of the Russian Federation  
55RwandaNational Bank of Rwanda
56SamoaCentral Bank of Samoa
57São Tomé e Príncipe  Banco Central de São Tomé e Príncipe
58SenegalMinistère de l’Economie et des Finances du Sénégal
59SeychellesCentral Bank of Seychelles
60Sierra LeoneBank of Sierra Leone
61Solomon IslandsCentral Bank of Solomon Islands  
62SurinameCentral Bank van Suriname
63Tajikistan  National Bank of Tajikistan
64TanzaniaBank of Tanzania
65Timor-LesteBanco Central de Timor-Leste
66TongaNational Reserve Bank of Tonga
67Trinidad and TobagoCentral Bank of Trinidad and Tobago
68UgandaBank of Uganda
69UzbekistanCentral Bank of the Republic of Uzbekistan
70VanuatuReserve Bank of Vanuatu
71West Africa**Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
72ZambiaBank of Zambia
73ZimbabweReserve 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.

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<span class="mw-page-title-main">Alliance for Financial Inclusion</span> Malaysia-headquartered policy network

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.

References

  1. "Fiji To Make New Commitments To Maya Declaration". Fiji Sun. September 9, 2016.