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Despite the broad consensus regarding the importance of microfinance as a poverty alleviation tool, it is estimated that over two billion people are currently excluded from access to financial services. The situation is particularly dire in most Least Developed Countries (LDCs) where often more than 90% of the population is excluded from access to the formal financial system. Numerous studies have demonstrated that access to financial services like credit, savings and insurance is important for people and businesses to generate income, manage cash-flow and protect against risk. The critical importance of microfinance to achieving the Millennium Development Goals was highlighted at the 2005 World Summit, as well as in the endorsement by the Summit for the Monterrey Consensus of the International Conference on Financing for Development. The Monterrey Consensus underscored the contribution that a range of financial institutions can make in providing financial services to enterprise development and calls for public and private institutions and firms to work collaboratively to provide access to all. The final declaration of the Monterrey Consensus put particular emphasis on strengthening domestic financial sectors to include underserved markets, such as rural areas and women. Despite the positive developments in the area of financial inclusion during the past ten years, many poor and low-income people and micro and small enterprises still lack access to a broad range of financial products and services on a sustainable basis. Key bottlenecks include a lack of:
Key challenges to achieving the vision of inclusive finance for the global community, in both the developed and developing world, are to mobilize the political will and financial support, to engage governments, academia, civil society, and the private sector, and to build human and institutional capacity among governments, regulators, microfinance institutions and other financial services providers to make inclusive finance a reality. What is the UN Advisors Group on Inclusive Financial Sectors?At the conclusion of the 2005 International Year of Microcredit, one of the main recommendations of the Advisors Group to the Year was that "the UN should appoint a group of experts, for a limited period not exceeding two years, to see the work we have begun through to completion." Following this recommendation, the UN Advisors Group on Inclusive Financial Sectors was established in 2006 for a term of two years. The main role of the Advisors Group is to advise the United Nations system and member states on global issues relating to inclusive finance. With a strong presence and engagement in financial sector development, access to governments, central banks, bilateral agencies, Bretton Woods institutions, academia, civil society and the private sector, and substantial advocacy and convening power, the United Nations is uniquely positioned to help inspire, support, and coordinate broader efforts toward building inclusive financial sectors in all parts of the world. The Advisors Group will guide, encourage and support the UN in these efforts. Who are the Advisors?The Advisors Group consists of 25 individuals representing governments, central banks, regulatory agencies, microfinance institutions and other financial services providers, private sector financial institutions, civil society, development agencies and donors, and academia from all over the world. The Advisors were selected on the basis of their expertise regarding financial services and inclusive finance, their commitment to building inclusive financial sectors, their ability to raise public awareness, and their ability to mobilize wide support in the global effort to increase access to financial services. Find out moreTo find out more about the Advisors Group and how you or your organization can get involved, contact:
UN Capital Development Fund
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