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Los Cabos, Mexico – G2012 Mexico is partnering with Ashoka Changemakers to launch the G2012 Mexico Financial Inclusion: Innovative Solutions for Unlocking Access challenge, an online competition to find groundbreaking initiatives from around the world that make financial services accessible to under-served and excluded communities.
“Promoting greater financial inclusion is a key focus for the Mexican Presidency of the G20 this year,” said Jose Antonio Meade, minister of finance and public credit of Mexico. “Equipping underserved and excluded households with the basic tools of economic empowerment—such as, affordable loans, secure savings and payments, and insurance—is key to economic development and raising standards of living. Financial inclusion is also critical to the strength and stability of the greater global financial system.”
The competition seeks solutions that create access to valuable, affordable, secure, and comprehensive financial services. Today, 2.7 billion adults—more than half of the world’s working-age population—do not have access to financial services that would allow them to save money securely, borrow money affordably, make payments knowledgeably, and insure themselves against potential hardships or risk.
All private sector individuals, organizations, or partnerships are eligible to enter from now until September 12, 2012 at changemakers.com/financialinclusion. Details about the guidelines and assessment criteria can be found on the website. The best solution will win a 100,000 USD award sponsored by Banco Nacional de Mexico (Banamex) and BBVA Bancomer. “Ashoka has a long history of expertise in sourcing and scaling-up social innovations that promote economic empowerment and financial inclusion,” said Ashoka President Diana Wells. “We are thrilled to partner with G2012 Mexico and to leverage the experience and tireless passion of our network to support this critical challenge.”
Secretary Jose Antonio Meade announced on June 18 the launch of the G2012 Mexico Financial Inclusion: Innovative Solutions for Unlocking Access competition at the G20 Leader´s Summit in Los Cabos, Mexico.
Under the Mexican G20 Presidency the financial inclusion agenda has focused on the promotion of having more inclusive financial systems and accompany those efforts with actions on financial education and financial consumer protection. In this sense, the most important challenges for moving from ideas to actions are: building a modern regulatory framework, innovation regarding new business models and technology, and strong coordination especially with the private sector.
Image Courtesy of G20