FRC’s CHAIRMAN, D.BAYARSAIKHAN ATTENDS THE 18TH MEETING OF THE AFI’s BOARD OF DIRECTORS
The Alliance for Financial Inclusion (AFI) is an international organization with more than 100 member institutions, from 89 emerging and developing countries.
The Financial Regulatory Commission (FRC) of Mongolia has been cooperating actively with the AFI since 2010. The Chairman of the FRC presents the Board of Directors and the FRC is in seven Working Groups, including: Consumer Empowerment and Market Conduct; Digital Financial Services; Financial Inclusion Data; Financial Inclusion Strategy; Proportionate Application of Global Standards; SME Finance; and Inclusive Green Finance.
The Board of Directors acts as the governing body of AFI, and consists of nine Principal Members and two external non-voting members. The Board of Directors has roles in: supporting the participation of member institutions, evaluating nominations for - and choosing - the AFI’s Executive Director, and ratifying all cooperation arrangements.
The 18th Meeting of the AFI’s Board of Directors took place in Cairo, Egypt; on 23 January, 2020. The 2019 Annual Report, along with the budget, strategy and goals for the future were discussed. Additionally, the Board’s Chair (Governor of the Central Bank of Egypt) and Vice-Chair (President, the Comisión Nacional Bancaria y de Valores Mexico) were appointed. Board members are the Chairman of the FRC of Mongolia and Central Bank Governors from Armenia, Kenya, Nepal, Paraguay, Samoa and West African States.
Proposals to establish a representative office in Luxembourg (Grand Duchy of Luxembourg), and acquire Intergovernmental Organization status for AFI were endorsed in the meeting.