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AFI ANNUAL REPORT 2020
MESSAGE FROM THE EXECUTIVE DIRECTOR Extraordinary challenges brought by the COVID-19 pandemic made 2020 a unique operational year, impacting normal business operations for AFI and its members around the world. With the support of members, AFI Management Unit was able to promptly and systematically adjust its delivery modality to meet members’ emerging needs, in advancing the AFI 2020 Corporate Strategic Plan. With such concerted efforts, I am pleased to report that the organization ended the year by meeting its key targets in implementing the strategic initiatives focusing on member needs. Significantly, we adopted a flexible approach by tailoring our delivery and initiatives to support members in devising and implementing COVID-19 policy responses through policy guidance and implementation. We intensified peer-topeer engagements for practical discourses, relevant to providing swift responses, to address the impact of the pandemic through digital platforms and virtual delivery. I am very grateful for the wisdom and foresight of the AFI Board of Directors who guided and encouraged the Management Unit to stay focused on our mission, and to at the same time be agile and flexible enough to adapt to alternative delivery modalities for continuity in serving the members. We felt encouraged by members’ unwavering support through the constant, high level of fee payments during the year. At the same time, we realized that the virtual modes of interaction were well accepted and have allowed an even stronger network engagement among the members. For the first time, AFI saw more women than men joining our capacity building activities, as these were delivered in virtual modality. The virtual modality enabled members to exchange useful lessons and peer advice for addressing the impact of the pandemic in their respective economies.
The AFI Board of Directors also agreed to postpone the 2020 AFI Global Policy Forum (GPF), co-hosted with the Central Bank of Jordan, to minimize risks involved following the outbreak of COVID-19. Originally due to be held between 7 and 11 September, 2020 in the Dead Sea region, the AFI Board made the decision to postpone the network’s flagship event until 2021 based on internal assessments by the AFI Management Unit and Central Bank of Jordan. Hosting a successful large-scale event amid the ongoing pandemic carries exposure to risks including infection, travel constraints and logistical challenges, such as social distancing requirements. This is the first time that the annual event has been postponed since its inception in 2009. The economic impact of the pandemic posed risks that could threaten the progress made by members in advancing financial inclusion nationally. Through these challenges, however, we observed how AFI’s unique horizontal cooperation model made the network more resilient to the economic impact and this was buttressed by key responses and interventions that promoted innovative solutions. These solutions enabled most members to sustain financial stability and economic growth, as well as to ensure the financial gains were safeguarded and sustained. The targeted interventions by members, codified in a special Dashboard, catalyzed a ripple effect in the network to further accelerate policy reforms as the network progressed to post-COVID-19 recovery.
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AFI members highlighted a total of 137 policy reforms made in 2020, which included COVID-19 policy responses.
The network-wide adoption of the Policy Models for National Financial Inclusion Strategy and Consumer Protection for Digital Financial Services in 2020 further strengthened AFI’s global position in technical and policy content leadership. The engagements conducted with various stakeholders, including developed country regulators, laid the foundation to enrich AFI’s knowledge service offerings to members for 2020 and beyond. We envisage that the successful launch of AFI’s Europe Representative Office in Luxembourg City would solidify the collaboration in the coming years. We also look forward to opening our next Regional Office in Costa Rica to be closer to and serve our members with on-the-ground office presence in Latin America and the Caribbean.
