Kathmandu – The South Asia Region Financial Inclusion Initiative (SARFII) meeting was successfully held in Kathmandu on Thursday under the chairmanship of Nepal Rastra Bank Governor Maha Prasad Adhikari. The meeting was attended by Governor Dr. P. Nandalal Weerasinghe of the Central Bank of Sri Lanka, Deputy Governor Dr. Mohammad Habibur Rahman of Bangladesh Bank, Deputy Governor Imad Ahmed of the Maldives Monetary Authority, Executive Director Syed Samar Husnain of the State Bank of Pakistan, and Joint Secretary Kamarul Haque Maruf of the Ministry of Finance, Bangladesh.

During the Leaders’ Roundtable session, Governor Adhikari emphasized the need to make SARFII’s initiatives more result-oriented to achieve the financial inclusion objectives in South Asia. He stressed the importance of strengthening regional cooperation and coordination in this regard.

The meeting prioritized the development of a sustainable, inclusive, and innovative financial services framework for the next five years through SARFII’s regional cooperation efforts. Key agenda items included the amendment of the ‘SARFII Charter’ and discussions on the terms of reference for the Expert Group on Financial Inclusion Policy.

Participants from SARFII member institutions shared their perspectives on these concepts. Additionally, the meeting approved the annual work plan for 2025, which will be implemented under SARFII. The first session included presentations on the current status of financial inclusion in each member country and future strategies for promoting financial inclusion in South Asia through SARFII.

Speaking at the event, Governor Adhikari highlighted Nepal Rastra Bank’s efforts to promote financial inclusion. He noted Nepal’s significant progress in financial accessibility and digital payments. He urged a focus on financial service digitization, consumer protection, digital financial literacy, and expanding financial services for small and medium enterprises to strengthen financial inclusion in South Asia.

Similarly, Governor Dr. P. Nandalal Weerasinghe of Sri Lanka’s Central Bank provided insights into Sri Lanka’s financial inclusion status and suggested future strategies for financial service expansion in South Asia through SARFII. Senior Deputy Governor of Nepal Rastra Bank, Dr. Neelam Dhungana Timsina, welcomed participants and emphasized SARFII’s crucial role in addressing challenges in expanding financial services across South Asia. The session also featured an inaugural speech by Deputy CEO of the Alliance for Financial Inclusion (AFI), C. Su Yuin.

Governor Adhikari and Executive Director Husnain of the State Bank of Pakistan, the Vice Chair of SARFII, delivered the closing remarks. SARFII was established following the 12th AFI Global Policy Forum, held in Jordan in September 2022, with support from the Alliance for Financial Inclusion.

SARFII includes Nepal Rastra Bank, the central banks of Bangladesh, Bhutan, the Maldives, Pakistan, and Sri Lanka, as well as the Microcredit Regulatory Authority of Bangladesh. Nepal Rastra Bank has been chairing SARFII since September 2024. The initiative aims to promote financial inclusion through regional knowledge-sharing, capacity-building, joint learning exercises, technical assistance, and best practice implementation.

Prior to the Leaders’ Roundtable meeting, the Expert Group on Financial Inclusion Policy met on February 17 to discuss relevant agendas. Additionally, from February 17 to 19, a regional training on “Cyber Resilience in Digital Payments and Infrastructure” was jointly organized by AFI and Nepal Rastra Bank. The training focused on capacity-building for mitigating cybersecurity risks, protecting financial consumers from such threats, and sharing regional experiences. A total of 31 representatives from Nepal, Bangladesh, Pakistan, Sri Lanka, and the Maldives participated in the training.