United Nations Advisors Group met in Nairobi to explore innovative solutions for expanded access to financial services

UNITED NATIONS, New York, 28 June 2007 - Leading financial experts gathered in Nairobi, Kenya on 27 June 2007 for a meeting of the United Nations Advisors Group on Inclusive Financial Sectors. The Advisors Group provides advice and guidance to the UN on the issue of inclusive finance and is exploring ways to increase access to financial services to poor and low-income individuals and small enterprises on a global basis.

The meeting, at which the Advisors agreed to a comprehensive work plan for the remainder of their term, was hosted by Equity Bank, a leading microfinance institution in Kenya. While in Kenya, the Advisors met with leading government officials including the President, Minister of Finance, and the Governor of the Central Bank of Kenya to discuss the Government of Kenya's ongoing efforts to build an inclusive, market-based financial system. The Advisors offered these government officials their observations on access-related policies in the rapidly evolving financial scene in Kenya. Moreover, the Advisors also visited local microfinance operators and their customers, and with the providers of cell phone banking services to deepen their understanding of the recent developments in Kenya.

Elizabeth Littlefield, CEO of the Consultative Group to Assist the Poor, and a member of the UN Advisors Group commented, "The UN Advisors Group enabled excellent access to the president, ministers and top policy makers. We were able to have serious and substantive meetings on a number of key topics such as the challenges of the convergence of finance, telecommunications and payments systems. All in all a highly productive two days."

The Advisors Group consists of more than 20 global representatives from governments, central banks, regulatory agencies, microfinance institutions, private sector financial institutions, civil society, development agencies and donors, and academia. Members of the Group include representatives of ABN AMRO, ACCION International, the African Development Bank, Central Bank of West Africa, Consultative Group to Aid the Poor (CGAP), Deutsche Bank, Goldman Sachs, the Government Savings Bank of Thailand, International Monetary Fund (IMF), Visa International, the World Bank, the World Council of Credit Unions, the UN Development Programme, UN Department of Economic and Social Affairs, the UN Capital Development Fund and other organizations.

More information on the Advisors Group, including a list of Advisors, is available at www.uncdf.org/ag.

Mr. Adam Rogers
Head of Communications, UNCDF
Tel: +1 212 906-6082
Fax: +1 212 906-6479
adam.rogers@undp.org

Ms. Hyewon Jung
Programme Manager, UN Advisors Group Secretariat
Tel: +1 212 906-6693
Fax: +1 212 906-6479
hyewon.jung@undp.org