Representatives from 44 countries meet in San Salvador to discuss financial inclusion

Two years after his face-to-face meetings were suspended, Alliance for Financial Inclusion (AFI) On Monday, it will resume the 25th meeting of the Digital Financial Services Working Group and the 18th meeting of the Working Group on Small and Medium Enterprises Finance to be hosted by El Salvador.

There will be 32 representatives from central banks and 12 financial institutions representing 44 countries around the world meeting in San Salvador to discuss strategies for financial inclusion, digitalization, and access to financing for small businesses.

president Neb Bokel also emphasized, Through his Twitter accountwhich will be discussed at the meetingBitcoin spread And its benefits, although this topic was not initially included in the meeting, which was not held in person for two years.

According to Wilson Sandoval, ALAC El Salvador-FUNDE Coordinator, “Banks are not here because they are interested in what is happening here, it is only the country’s turn to receive them according to the AFI calendar”.

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Some of the participating countries are the National Bank of Angola, the Bank of Ghana, Namibia, Uganda, the Republic of Guinea, Madagascar, Burundi and Haiti.

Representatives of the Central Bank of Egypt, Nigeria and Congo, as well as the Dominican Republic Banks Supervision Authority, will also attend.

Some of the topics covered during the beginning of the meeting are related to cyber security, its implementation and who is responsible for these protocols to ensure the correct handling of data in cases of fraud.

El Salvador is currently experiencing one of the worst economic times in its history, as Bitcoin has been legal tender since September 2021 and international risk agencies have deteriorated confidence in El Salvador’s debt repayment.

Moody’s lowered the country’s rating to Caa3, which means “high risk of default”, because the government should cancel $800 million in bonds in January 2023, but its debt level is increasingly high and its sources of financing have been specifically closed through measures Like Bitcoin, which is considered a speculative asset.