Alliance for Financial Inclusion acknowledged the contributions of the late BSP Governor Nestor Espenilla, Jr. in advancing financial inclusion in the Philippines and abroad.
The Bangko Sentral ng Pilipinas Alliance for Financial Inclusion (AFI) launched the "Nestor Espenilla, Jr. Financial Inclusion Innovation Award" as a tribute to the late BSP governor for his contribution to financial inclusion here and abroad.
The award recognizes institutions that demonstrate outstanding commitment toward innovation, funding support for flourish ventures, and the use of technology to further financial inclusion.
The Central Bank of Egypt is the inaugural winner of the award, which AFI awarded during a ceremony last September 5 to 8 near the Dead Sea in Jordan during the 2022 AFI Global Policy Forum.
"By serving as the inspiration for the award that will, in turn, inspire the efforts of others, my husband continues to support and contribute to the work of the AFI in harnessing the power of technology and innovation in order to bring about greater inclusion for many more unbanked people,” said the late governor's wife, Maria Teresita F. Espenilla.
Espenilla, a recognized global champion in financial innovation and inclusion played a critical role in advocating financial inclusion in the Philippines. He became a key figure in many of the BSP groundbreaking policies, including the use of the “test and learn” approach to promote high-impact innovations in a prudent manner. From July 2017 until his passing 18 months later, he served at the helm of the BSP.
In line with this, the winner of the inaugural "Nestor Espenilla, Jr. Financial Inclusion Innovation Award" will receive Malaysia-based AFI's support to implement an innovation project aimed at leveraging innovation and technology for financial inclusion.
AFI is a global network of 82 members from 75 countries composed of central banks and regulatory financial institutions working toward the common objective of advancing financial inclusion at the country, regional, and international levels. The BSP was one of the founding members of the AFI when it was founded in 2008.
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