CBS Governor calls for new digital financial solutions as she assumes top African post

Еhe Governor of the Central Bank of Seychelles (CBS), Ms Caroline Abel, became new Vice-Chair of the African Financial Inclusion Policy Initiative (AfPI), called for innovative digital financial solutions in her maiden speech,She said that the importance of digital solutions have been emphasized by Covid-19.

Governor Abel noted that the areas that AfPI is currently focused on are especially important as the world reacts to the new realities and challenges to the financial landscape. “Our mandate comes at a time when the world is facing an unprecedented crisis -the COVID-19 pandemic -that has highlighted the need to accelerate the use of digital financial services as an en-abler of financial inclusion. “This new environment, although challenging, presents us with an opportunity to be innovative as we work to develop smart policies that will allow us to fulfil our objectives.“Greater collaboration and in some instances, unconventional thinking and approaches will be needed, as we strive to formulate policy responses that are targeted and relevant, in light of the new realities,” said Ms Abel. Part of the AFI network, AfPI is an African platform for leaders of policy-making and regulatory institutions to discuss financial inclusion issues and promote innovative and effective solutions. Governor Abel was elected on the last day of the 8th Annual AfPI Leaders Roundtable, held virtually from 17th to 20th August 2020. The meeting was being co-hosted by the Bank of Tanzania and the Alliance for Financial Inclusion (AFI).

Discussions included policy response support by AFI to its members in the Africa region due to COVID-19. Also discussed were: how to enhance MSME access to finance, the importance of creating robust channels to deliver digital financial services particularly to those with lower income, as well as ways to speed up the financial inclusion of disadvantaged groups and excluded communities. The Chair and Vice-Chair of the AfPI platform serve a two-year term, at the end of which the Chair is replaced by the Vice-Chair, and a new Vice-Chair is elected.