Organizers:

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In cooperation with:

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Financial Inclusion Forum.
Leaving No One Behind
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12 June
2019

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UNIT. City Innovation Park, В12
(3 Dorohozhytska Str.)


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Financial Inclusion for Economic Growth: Outcomes of the Second International Financial Inclusion Forum

The second international financial inclusion forum, entitled “Financial Inclusion Forum. Leaving No One Behind”, took place on 12 June 2019. It gathered over 300 experts, educators, and representatives of state agencies, banks, payment systems, and businesses from 12 countries, namely: Australia, Great Britain, India, Kenya, Germany, Norway, Poland, Romania, USA, Turkey, France, and Jamaica. The forum was co-organized by the National Bank of Ukraine, the USAID Financial Sector Transformation Project, MasterCard, and Visa.

This year, the discussions focused on the need to build on the basis of international best practices the effective practices for enhancing financial inclusion, as a common way for the state and businesses to speed up the economic growth.

The forum was a strategically important event for both Ukraine and the whole world as evidenced by the statement of HM Queen Maxima of the Netherlands serving as the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), Honorary Patron of the G20’s Global Partnership for Financial Inclusion (GPFI), and Honorary Chair of the Money Wise Platform (the Dutch platform for financial literacy). The statement was read on her behalf by Eduard Hoeks, the Netherlands Ambassador to Ukraine.

In addition, welcoming speeches were delivered by NBU Governor Yakiv Smolii and Susan Fritz, USAID Mission Director to Ukraine, Belarus, and Moldova.

Lessons Learnt and Future Trends: Key Points

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  • Financial inclusion creates opportunities for an inclusive economic growth and improvement of the overall wellbeing of the country and its citizens.
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  • At present, it is not enough for the state and businesses just to create the technical conditions necessary for the use of financial products and services, that is, to ensure access of the public to the financial system. It is important to study the actual consumer needs (the demand side) and guide the efforts to satisfy them. The use of the cutting-edge financial technologies should become a trend.
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  • To attract new consumers, financial products should be not only useful but also enjoyable.
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  • The financial sector is built on trust. That is why the high-quality communication is important: trust cannot be achieved without it. One should give clear explanations, use plain language, and create positive emotions.
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  • Financial inclusion and financial literacy go hand in hand. Without financial literacy, people cannot fully utilize the potential of financial services. Despite lagging behind the EU states in terms of financial literacy, Ukrainians would like to receive more information on the benefits of financial products as well as the methods of money saving and financial planning.
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  • Successful cases from all around the world prove that financial inclusion is impossible without partnerships. Partnerships are required for scaling the results and ensuring the stability of development.
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  • In the future, financial technologies will have an even closer link to the development of internet technologies and social networks.

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08:30 - 09:30
Registration and welcome coffee
9:30 - 10:10
Opening session



10:10 - 11:10
KNOWLEDGE-SHARING SESSION
FINANCIAL INCLUSION: GLOBAL TRENDS AND PRACTICES
Financial inclusion is on the rise globally, but gains have been uneven across countries. And in order to make national strategy work it is crucial to consider global trends as well as draw on important lessons learned from the successes of a number of international actors engaged in financial inclusion research and programs.
11:10 - 11:30
Coffee break
11:30 - 13:00
DISCUSSION PANEL
ACCESS AND USAGE OF FINANCIAL SERVICES BY ALL: WHOSE RESPONSIBILITY?
Achieving financial inclusion requires a deliberate and coordinated approach to identify relevant obstacles and opportunities, leverage linkages across financial and nonfinancial policy areas, and align the efforts of a wide range of stakeholders. The financial inclusion goal could be achieved if all government authorities took a proportionate regulatory approach that would allow many financial institutions greater flexibility in innovating and targeting underserved consumer segments.
13:00 - 14:00
Lunch break
14:00 - 15:30
DISCUSSION PANEL
FINANCIAL LITERACY: HELPING UKRAINIANS BE IN CONTROL OF THEIR FINANCIAL LIVES
Informed consumers are the other important prerequisite for financial inclusion in Ukraine. Such individuals make better financial decisions, as well as they support the effectiveness of the financial system by demanding more sophisticated financial services. An empowering environment that facilitates competition, promotes innovation and the use of technology, addresses risks in a proportionate manner, and empowers financial consumers to make informed choices is critical to improving financial inclusion and consumer protection.
15:30 - 16:00
Coffee break
16:00 - 17:30
DISCUSSION PANEL
BUSINESS AND INNOVATIONS: A TANDEM OF BOTH THE GOVERNMENT AND INDUSTRY
Globally new technologies and payment innovations such as mobile money have proved to be a catalyst for greater financial inclusion, but there is no ‘one size fits it all’ solution. It is necessary to strike a balance between tackling regional challenges, unleashing innovations, managing risks and protecting consumers. This requires greater cooperation on multiple fronts, involving government, businesses, banks and fintechs.
17:30 - 17:50
Closing remarks
17:50 - 19:00
Networking
Forum Agenda
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Country Manager of Mastercard in Ukraine and Moldova
Наталія Бондаренко
Director of Communications Department, National Bank of Ukraine
Роман Борисенко
Deputy Governor of the National Bank of Ukraine
Грета Булл
Director, Finance, Competitiveness&Innovation Global Practice, the World Bank Group
Світлана Чирва
Visa Country Manager for Ukraine, Belarus and Moldova
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Vice President, Global Programs, Mastercard Center for Inclusive Growth
Роберт Дрейк
International Financial Literacy Consultant, USAID Financial Sector Transformation Project, and Director of SmartSteps, Australia
Susan K. Fritz
USAID Regional Mission Director to Ukraine and Belarus
Malith Gunasekara
Advisor, Deloitte India
Едуард Хукс
Netherlands Ambassador to Ukraine
Kiril Koseev
Economist, Policy Analyst, Financial Division, Directorate for Financial and Enterprise Affairs, OECD
Petr Krumphanzl
Chairman of the Board at «PrivatBank»
Queen Maxima
The UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA) and Honorary Patron of the Global Partnership for Financial Inclusion (GPFI)
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Deputy Chairman of the Council of the National Bank of Ukraine, Honorary President of Kyiv School of Economics
Mircea Muresan
Deputy Director, Financial education and museum department, National Bank of Romania
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SVP, Emerging Markets Digital, Emerging Markets Digital SolutionsHugh NORTON, Senior Director on Social Impact, Visa
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Product & services manager, M.PESA, Kenia
Віра Платонова
Senior Vice President, Visa Group Country Manager for CIS and South East Europe
Andriy Pyshnyy
Chairman of the Management Board of JSC «Oschadbank»
Архіт РАО
Head of Business Development, Express Automation, Kenia
Павел Ріхлінскі
Division President for Central&Eastern Europe, Mastercard
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Business Development Director, RENOME-SMART
Яків Смолій
Governor of the National Bank of Ukraine
Ретідзо Старкі
Head of Outreach and Education, Bank of England
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Vice President of Cashless Poland, Founder of FinTech Poland
Мелані Вілльямс
National Financial Inclusion Coordinator Jamaica’s National Financial Inclusion Council Technical Secretariat
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Рольф Берндт
Practice Manager for Finance, Competitiveness and Innovation Global Practice, IFC, WBG
Кнут ГОЛМЕН
Strategic Advisor, Independent Banking Expert, Norway
Роман Борисенко
Journalist, co-founder of Hromadske Radio
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According to the World Bank’s latest figures, 37% of Ukrainians still have no access to formal financial services meaning they have no a bank account. The share of people actively using Internet and mobile banking in Ukraine is 7-8 times lower than in Poland and the USA. While in these countries more than 95% of retail payments and transfers are carried out remotely, banks in Ukraine are overloaded with cash transactions. Why is this happening and how can financial services help to eradicate poverty?

Financial inclusion means that citizens and businesses have access to financial products and services regardless of their income, age, place of residence or type of activity. Financial inclusion is globally recognized as one of the most important engines of economic development.

Enhancing financial inclusion is one of the strategic goals of the National Bank of Ukraine as well as one of the country’s top priorities for financial sector reform under the Association Agreement between the European Union and Ukraine.

Higher level of financial inclusion is beneficial for multiple stakeholders:

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  • for regulators and the country as it involves all social groups in financial system that results in GDP increase, inbound foreign investment, contributes to GDP growth, attracting foreign investment, diversification of the financial system, as well as stimulates entrepreneurship development;
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  • for financial service providers, as it increases the number of customers;
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  • for individuals, as it helps to make better use of financial services and to better manage their assets thus improving the overall quality of their lives.

How can financial literacy tackle some of the barriers to financial inclusion? What are the key measures to accelerate financial inclusion of underserved and vulnerable groups? How to build effective public-private partnerships that would harness opportunities to close gaps and better enable financial inclusion?

These and many other issues will be addressed at the second Financial Inclusion Forum which will become a platform for debate and exchanging ideas. International experts, state authorities and business representatives will measure efforts made after the first Financial Inclusion Forum held in 2018 and will agree on further steps towards a financially inclusive society.

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UNIT. City Innovation Park, В12

(3 Dorohozhytska Str.)


For questions,
please contact us:
finclusion.forum@bank.gov.ua

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