8-9 September 2021
The SOAS Centre for Global Finance in collaboration with the African Economic Research Consortium (AERC) held an event on the theme, “AERC-SOAS Inclusive Financial Services Policy Platform” virtually via Zoom, on 8-9 September 2021. The two-day event attracted approximately 200 participants in total and was graced by keynote speeches from H. E. Dr. Mahamudu Bawumia, the Vice President of Ghana on 8 September 2021 and Dr. Vera Songwe, the United Nations Under-Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa (ECA) on 9 September 2021.
The event featured new research findings based on 20 research papers and a book funded by the Economic and Social Research Council (ESRC) research grant [No.ES/N013344/2] under the Development and Economic Growth Research Programme (DEGRP) on “Delivering Inclusive Financial Development and Growth”. It brought together participants who have important roles to play in shaping new research findings, paving new policy directions, and initiating innovative practices in the areas of digital financial inclusion and sustainable economic development, including key stakeholders from international organisations, government departments, financial sector regulators, think tanks, universities, the banking industry, private enterprises, and fellow researchers who questioned new research findings in the light of the main pressing issues in Africa and globally. The event enjoyed a strong and diverse global network of participants from the UK, the USA, the Netherlands, Canada, Ghana, Nigeria, Kenya, Côte d'Ivoire, Ethiopia, Seychelles, Lesotho, Cameroon, Rwanda, South Africa, Uganda, Zambia, China, India, France, Germany, Sweden, and Switzerland.
In the welcome address, Professor Victor Murinde, Director of Centre for Global Finance, SOAS University of London and Principal Investigator of the “Delivering Inclusive Financial Development and Growth” research project appreciated the long-standing partnership between SOAS and AERC in respect of this project. He said, “This is one of the partnerships and collaborations that SOAS is having with AERC. Through the AERC we have been trying to interface with policymakers, practitioners, civil society and other stakeholders right from the pre-launch that was done in Nairobi in 2016 and through a series of other conferences”. He added, “The whole purpose of this project was and still remains to investigate the details of real interpretation of financial inclusion or inclusion in financial services, going beyond the simple definition of use and access, going into the flow of funds concept whereby you are looking the dimension of access, use, cost and quality, not only for firms and households but also to look at other sectors like government, financing infrastructures and private sector development across the world.”
Officiating the opening at the event, Prof. Njuguna Ndung’u, AERC Executive Director noted, “I thank you all key stakeholders in this event today and warmly welcome you as we share the new research findings, pave the way for new policy directions and initiate innovative practices in the marketplace.”
The first keynote was delivered by H. E. Dr. Mahamudu Bawumia, Vice President of the Republic of Ghana. Dr. Bawumia commented, “The financial system plays a critical role in economic development and growth has long been established in the economic literature. Today’s conversation pushes that well known maxim of finance and development further up in a digital ecosystem. We will all agree that the COVID-19 pandemic did not only uncover some of the socioeconomic vulnerabilities in our societies, but the COVID experience also highlighted some of the endless possibilities in leveraging digital technology to drive an inclusive growth powered by greater access to finance of the unbanked and a more efficient payment system.”
“African governments should seriously review the findings from this research programme to fill knowledge gaps as we embark on this journey to leverage technology to enhance inclusive financial development and sustainable economic growth, and to provide solutions to the many pressing issues on the African continent,” the Vice President pointed out.
Dr. Vera Songwe, Under-Secretary-General at the United Nations & Executive Secretary of the United Nations Economic Commission for Africa, presented the second keynote on 9 September 2021. Her presentation captured recent economic and social developments in Africa and provided inspiring recommendations on research and policy. Dr. Songwe emphasised, “as we talk about financial inclusion, we need to look at it in a slightly broader lens and not just the lens of the micro and enterprises, (but) to look at financial inclusion at national and global levels”. She also expressed her keenness of working with African countries to build the repo facility for Africa and said, “We are asking the rest of Africa, African finance ministers to come behind us (UNECA) to see how we can push and create this Repo Market. We believe that this is the first time that we have such a large injection of capital into the world economy. Africa can use some of that injection to create institutions that will be more sustainable for Africa’s development that will help lower Africa’s cost of accessing the financing, (and) make Africa more included and a central part of the global financial network and structures.”
In her closing remarks, Dr. Songwe expressed, “we (UN Economic Commission for Africa) are very happy to be associated with both SOAS and AERC and we would like to continue this conversation. I will be looking forward also to see some of your research papers and see how we can bring them together.”
The event was co-chaired by a group of distinguished policy makers, practitioners, and scholars, including Dr. Abebe Shimeles (Director of Research, AERC), Dr. Michael Atingi-Ego (Deputy Governor, Bank of Uganda), Dr. Retselisitsoe Matlanyane (Governor, Central Bank of Lesotho), Professor Victor Murinde (SOAS University of London), Dr. Peter Larose (former Minister of Finance of Seychelles and former Executive Director for Africa at the World Bank), Mr. David Cracknell (Director, First Principles Consulting), Prof. Hong Bo (SOAS University of London), and Prof. Reinhard Bachmann (SOAS University of London).
Dr. Ben Hardy, the Head of School of Finance and Management at SOAS University of London concluded the event with his congratulation, appreciation and best wishes to both SOAS Centre for Global Finance and AERC. “It's a new beginning as we take the knowledge, the ideas, the friendships and the interactions away with us and that will help us to continue to address this vital topic. I wish you the very best for the future both collaborating with one another but also in advancing this important topic”, remarked by Dr. Hardy.