MEFMI delivers an E-Learning Course on Fundamentals of Financial Inclusion

MEFMI delivered an e-learning course on Fundamentals of Financial Inclusion from 1 June to 31 July 2020. The course was offered as part of efforts to address challenges that still exist within member countries. These include how to balance inclusion with the other important goals of integrity and stability; ambiguous financial inclusion measures and indicators which remain incomparable across countries; and emerging issues in the digital finance era and the associated risks.

The main objective of the course was to introduce participants to the theoretical and regulatory concepts of financial inclusion, as well as the various players and emerging issues in financial inclusion space. Participants were taught how to measure financial inclusion and enhance inclusion through policy and beyond the access dimension. To consolidate the course outcomes, the participants also analysed a case study to explore the impact of COVID-19 pandemic on achieving their financial inclusion strategic objectives in their respective countries.

The course enhanced participants’ understanding of the: different dimensions of financial inclusion; key indicators used to assess financial inclusion; the role of financial education and market conduct policies in advancing financial inclusion; and the role and impact of digital financial services on the financial sector. MEFMI expects the trained participants to use the knowledge gained to analyse the opportunities and risks associated with emerging issues in financial inclusion and the role of digital financial services in advancing financial inclusion. In addition, the analysis is expected to drive the revision of financial inclusion strategies to focus on other dimensions than access and to include clear indicators with which to measure financial inclusion.

MEFMI intends to offer this course with special focus on how to advance financial inclusion in times of crisis such as pandemics. Topical subjects such as digital finance, mobile money operations and anti-money laundering and combating financing terrorism and its impact on financial inclusion will also be included.

A total of 47 participants drawn from nine (9) MEFMI member states (i.e. Botswana, Lesotho, Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe) completed the course. The course mentors were Mr. Augustin Mwanje, a former central banker and a trainer in financial inclusion and Ms. Petronella Dhitima, a Managing Director for Mustard Seed Advisory and an Accredited Master Trainer for the CGAP and ILO. The overall course administration and expert support was done by both Mr. Patrick Mutimba and Ms. Irene Nyamanza of the MEFMI Secretariat.

Prepared by Irene Nyamanza