Good morning and welcome all to the Financial Inclusion 2020 Global ...

Diana Taylor Remarks at the FI2020 Global Forum Opening Plenary Session: The Case for Financial Inclusion Now Lancaster London Hotel, London England 11:00 a.m.–12:15 p.m., October 28, 2013

Good morning and welcome all to the Financial Inclusion 2020 Global Forum! On behalf of Accion and our sponsors (Citi Foundation, Visa, the Bill & Melinda Gates Foundation, Mastercard Worldwide, Western Union, MetLife, and others), we are so glad you are here. We all share a common goal: -- achieving full financial inclusion for all by the year 2020. And if you are not already convinced of the importance, and impact, of that vision – well, you will be by the end of this conference! Two years ago, the Center for Financial Inclusion created a roundtable discussion hosted by the Citi Foundation on the future of financial inclusion. We gathered many of the usual suspects…and immediately came to the obvious conclusion: we had to get beyond the usual suspects! That was the seed from which this conference grew: the need to engage a much broader group in the discussion. 1


So, we’ve gathered an unprecedented array of interested parties – financial service providers, mobile network operators, NGOs, governments, bilateral and multilateral development institutions, advocates for the excluded, like youth, elderly, persons with disabilities…and more. This forum is an opportunity to hear perspectives from you, global financial inclusion leaders, and to get your feedback on the framework and recommendations that have been developed over these last two years. And, using your input and feedback, we will chart the way forward – together. [Pause] Why is this goal of financial inclusion so important? There are 2.5 billion people around the world who lack a bank account – and far more who lack the other financial resources they need to build better lives for themselves and their families. We all know – perhaps better than most – that there is no single solution to this problem. 2


Those 2.5 billion need decent health care … a useful education … safe places to live…. And universal access to the financial services we all take for granted. We envision a world where everyone has a safe place to save … secure and efficient payment systems … insurance … the ability to borrow to go to school, to build a home, to grow a business, to have and create jobs. That’s our vision of a financially inclusive world. [Pause] As Susy described, in my career, I have worked for the most capitalist of corporations, I have worked in government, I have worked in NGO’s. I have done it all. And so I’ve seen firsthand from many different perspectives the critical role that financial services can play in the lives of the poor and I understand the power that comes from harnessing the capital markets. I appreciate the essential role that governments must play to make this a reality. I know the crucial work that NGO’s are doing. And I know that none of us can do it alone. But together, we are gaining momentum. 3


Just two weeks ago, Jim Yong Kim, the president of the World Bank, joined this movement. He committed the World Bank to the goal of universal financial access by 2020. This is an historic announcement, and it adds a strong wind to our sails. Together, we are building the foundation to realize our vision for a wholly inclusive future, with a full suite of highquality … convenient … useful … and appropriate financial services, accessible to everyone who wants them, wherever they’re needed. In that vision, client protection and financial capability are standard practices – and a diverse, competitive, and orderly marketplace makes it all possible. The world is changing rapidly. Over the next few days, we will hear about significant demographic changes that are increasing the demand for financial services everywhere, and we’ll shed some light on the “invisible market.” We will consider the great technological advances that will allow us to reach more people – much faster, better, and cheaper than ever before.

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We will discuss the work of task forces examining issues like financial capability … customer needs … technology … credit reporting … and consumer protection. Many of us have spent our lives working and thinking about these issues, and, over the next few days, we will all bring that knowledge and insight to bear on the challenge at hand. Each of you will help us improve the existing recommendations – and I’m confident that we’ll leave London with a true, global roadmap to full financial inclusion. We invited you to the Global Forum because you are the leaders who can help see this vision become a reality. Together, we can chart the course to a financially inclusive world. Thank you. [Pause for applause] This event and the entire FI2020 initiative could not have happened without the generosity, wisdom, and passion of our sponsors. The Citi Foundation is our Lead Partner and a Founding Sponsor of FI2020, and Citi has been a partner of Accion’s for 48 of our 52 years. 5


They are a long-running supporter of this whole industry, and are among the financial inclusion movement’s most dedicated friends. Today, Citi Microfinance and its partners are working to expand access at scale, and the Citi Foundation supports innovative efforts to deepen the financial knowledge and skills of tomorrow’s clients. Citi knows as well as anyone how critical – and how achievable – financial inclusion truly is. And few people understand that as thoroughly as our keynote speaker, Michael Corbat. As the Chief Executive Officer of Citigroup, Mike oversees Citigroup’s 200 million customer accounts, and activities in more than 160 countries and jurisdictions. He has run many operations within Citi, including in Europe, Middle East and Africa; Wealth Management; and Citi’s Global Corporate and Commercial Banks. As a Board member, I am privileged to work very closely with Mike, and I have come to appreciate that he is among the most thoughtful and talented financial leaders in the world today. Please join me in welcoming my dear friend, Citigroup’s CEO, Mike Corbat! 6


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