The Alliance for Financial Inclusion (AFI) has made it its central concern to facilitate the access to financial tools to those most in need of them. The network is composed of central banks, ministries, and other regulatory institutions from all around the world. While their headquarters are located in Kuala Lumpur, Malaysia, the new European seat has been installed in Luxembourg.
Minister of Finance Pierre Gramegna (DP) was present at the inauguration of the AFI office on Monday morning and welcomed the move as an opportunity to continue the fight against poverty in the Grand Duchy. Gramegna further expressed his conviction that Luxembourg could help the network with its extensive expertise in microfinance and "fintech" (financial technology).
Minister of the Economy Franz Fayot (LSAP) was also present and emphasised the importance of supporting developing countries in setting up long-lasting ecosystems with proper regulatory frames.
AFI will employ half a dozen people in Luxembourg. The decision to install the European seat in the Grand Duchy came about due to the country's commitment to cooperation, according to Gramegna. The government will thus support the network with a space inside the House of Microfinance, as well as a financial aid of €500,000 per year, over a period of three years in total.
