The Maya Declaration

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.

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). The founding members were:
* Comisión Nacional Bancaria y de Valores
* Superintendencia de Banca, Seguros y AFP del Peru
* Reserve Bank of Fiji
* Bank of Tanzania
* Banque de la Republique du Burundi 
* Banque Centrale de la Republique de Guinee
* Bank of Uganda
* Central Bank of Kenya
* Central Bank of Nigeria
* Reserve Bank of Malawi
* National Bank of Rwanda

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.

A decade-long journey

, 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:

* Self-determination: Each institution sets its own targets in recognition of the fact that country circumstances vary and that there is no simple, off-the-shelf solution.
* Peer-to-peer knowledge exchange: Harness mutual sharing and collaboration within the network to leverage practical and innovative policy solutions that address financial inclusion challenges.
* International cooperation: Effective knowledge partnerships with policymakers and regulators from developed countries, multilateral corporations, research institutions, private sector and funders to enhancing inclusive finance

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

Institutions with Maya Declaration commitments

* 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.

References

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External links

Alliance for Financial Inclusion
* Full Text of the Maya Declaration (PDF)
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French

Maya Declaration