United Nations advisers group recommends key strategies on removing obstacles

preventing poor people from gaining access to financial services

NEW YORK, 9 July (United Nations Capital Development Fund) -- The United Nations Advisers Group on Inclusive Financial Sectors gathered in New York to deliver recommendations on how Governments, regulators, development partners and the private sector can contribute to increasing access to financial products and services for the poor and micro entrepreneurs globally.

The United Nations established the Advisers Group on Inclusive Financial Sectors for a two-year term following the 2005 International Year of Microcredit.  The Advisers Group consists of more than 20 representatives from Governments, central banks, regulatory agencies, microfinance institutions, private-sector financial institutions, civil society, development agencies and donors and academia.

The Advisers Group’s principal role has been to advise the United Nations system and Member States on global issues relating to inclusive finance.  During its two-year term, the Group has worked with a variety of stakeholders, including Governments, academia, regulatory and supervisory bodies, and the private sector to identify the key issues limiting access to financial products and services and to guide the United Nations on concrete steps that can be taken to remove these constraints and embrace new opportunities.

The meeting, held on 30 June, marks the conclusion of the Advisers Group’s mandate.  During its two-year term, the Advisers Group has assisted the United Nations to advocate for change, connect countries to knowledge and resources, and helped inspire, support, and coordinate broader efforts towards promoting financial inclusion as an important development target.

The Advisers Group has also developed important targeted recommendations to Governments, regulators, development partners and private-sector companies to inspire them to work towards building inclusive financial sectors that provide poor households and micro-entrepreneurs with access to a broad range of financial services on a global scale.  These key recommendations on promoting inclusive financial sectors were shared with heads of delegations, ministers and permanent representatives of Economic and Social Council member States, ministers of Economic and Social Council observer States, representatives and experts from the United Nations system, civil society and the private sector through a number of forums organized around the final meeting.

The Advisers Group will continue to advocate their vision of financial inclusion throughout the end of the year and work towards incorporating their recommendations into the 2008 Doha Process on Financing for Development.

For further information on the Advisers Group, please visit the website ag.uncdf.org, or contact:  Magnus Magnusson, Business Development Adviser, UNCDF, tel.:  1 212 906 6237, e-mail:  magnus.magnusson@uncdf.org; or Hyewon Jung, Programme Manager, United Nations Advisers Group Secretariat, tel.:  1 212 906 6693, e-mail:  hyewon.jung@uncdf.org.

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For information media • not an official record