 So our first question I would like to call on His Highness the Amir of Karno whom I have not seen yet Oh Many of us also know you as the former governor of the central bank of Nigeria your highness Thank you very much. Your Majesty. Let me join colleagues in congratulating you on this 10th anniversary as a special advocate I know we go back a long. We remember when you were first appointed 2009. That was the year became governor of central bank and I think I was your first meeting at the World Bank and you were my first meeting. So It's and I've been following your progress over the last 10 years and I congratulate you on what you've achieved My question is linked to a disagreement we had when I was governor of central bank After you launched our financial inclusion program and we our strategy and we started mobile banking And we had a number of robust discussions where you've been More technologically savvy than I and trusting technology more than I did Wanted us to go fast with the telcos and I wanted a bank-led model I'm ashamed to admit that you were right and I was wrong And two years later. I had a chance to Acknowledge to you when you came back to Nigeria that I was wrong and you were right and I'm happy the central bank is correcting my mistake But at the heart of my concern Coming from risk management background and after financial crisis was that we all agree that technology comes with threats and opportunities And my concern was how to protect customers as we move into a highly Modern technological environment. So can you expand on in what way your work would help protect customers as we drive? technology financial inclusion First of all, thank you very much for coming. He you've been a great proponent financial inclusion even though from a bank-led model initially But you're very right. I think like I just said in my in my speech Technology is really our best chance to really make financial inclusion happen So we'll have to embrace it but embrace it with also not all the opportunities, but also with the risks and the way we've been trying to actually Address this issue is first of all get together the innovators with the regulators Because by having the dialogue between both you can actually have a better understanding. What are the real risks that are actually? Being on the line in this new FinTech type of financial service providers It is about sometimes Capital risks it is sometimes about operational risk, but they have to be understood and we don't speak with each other Probably that's not really going to happen So that was my first thing that I try to do is actually try to get regulators and innovators to discuss together The other issue is for regulators to learn among each other. We're going to be going to Singapore in November to the FinTech Festival and a lot of regulators are going to get together there I'm going to be discussing with each other. How did you solve this issue? How did you try to address this other issue? I think that you know learning from each other is extremely powerful We also produced a report for a lot of emerging markets for them to cut corners in the learning curve of actually how to deal with these new entrants to the market Which have actually been very very valuable to a lot of people The other issue which I think is extremely important. I always like to call it public goods I was always discussing about what the name should be like would sometimes go beyond financial inclusion and These are very important issues data privacy has been mentioned. It's not something that is only for financial services I mean data privacy is a very big issue, but it's something that needs to be addressed Cyber security goes beyond financial inclusion, but is essential for financial inclusion to happen in a sustainable way IDs identification very very important to have something that is also Public based and in what you can actually have the KYC done Connectivity we've talked about women financial inclusion Well, we have to also talk about the digital inclusion for a lot of certainly the poorest certainly the women certainly the farmers Interoperability without interoperability We're not going to have an open system that is efficient and that is really solid enough to actually take these amount of payment Transactions that are actually happening in many of these economies the financial and digital literacy Fair competition, we just talked, you know, maybe just one winner takes it all and takes the whole market and that is also never good for consumers and Physical infrastructure such as agent networks for people to cash in cash out with their own risk in itself But those are manageable. So I think we've actually had a long learning curve We have fantastic examples of many countries been doing this in a very good way And I think we have to keep on learning each other because innovation hasn't stopped We're gonna keep on having new innovations I will have to keep on updating each other and analyzing what needs to be done but I really welcome the amount of You know engagement that I see from all the regulatory perspective and the Basel committee Which actually have been now dwelling into this new Subject and actually providing guidance to a lot of regulators around the world. Thank you For the next question I would like to call on Mary Ellen as Candarion who is here Mary Ellen your question. Thank you Tillman your majesty Congratulations, and thank you so much for all of your work you and and Melinda both spoke so eloquently About women's financial inclusion, and you've always been such a great champion Of making sure that women have as you say both digital and financial inclusion I wonder though, are there any other segments that you think we should be Turning our attention to and require that that urgent need in addition to to women in terms of financial inclusion Yes first of all Even though there are you know farmers and micro and small media-sized enterprises need a lot of attention I still would like to insist on the women because when I started doing this work I thought you know it's gonna go by itself when you change the regulations everybody's gonna be taking it up and It didn't happen the amount of women that actually had access and usage of financial services did grow but we have a consistent gap between men and women and It's there's a misconception that financial services are gender-neutral that you know that women and Men demand the same type of financial services and that is not really so So I think we need to do an interior effort to really do a lot more work to see what are the needs of women and What are the you know in different cultures because differently that changes from the US to the Philippines To Africa to the African continent so and I wouldn't like to generalize but we still have this 9% gender gap And if we're now looking into the future, we're gonna be depending on technology and on an average today Women are 10% less likely to use or to have a mobile phone They're 26% less likely to use internet So if we're gonna be depending on this digitization Digital inclusion will be an extremely important issue that we need to Look into for them to be really fully digitally financially included So we need to advocate To change some of these barriers sometimes our cultural norms sometimes, you know, the husband doesn't let their wives to get out of the house My husband does thank God Sometimes it's a just a constraint because she said you know caretaker the whole house And she kind of move very freely sometimes they have less IDs 33% of women have less IDs than men so just so many different issues that we need to really address per jurisdiction per country and really try to Speak with every country and try to change that so it's digital inclusion financial inclusion And for all of that one thing that is amazing is when I started doing this work Not only there was not a lot of data and we got that data in but there's not a lot of gender desegregated data So even in my country the Netherlands where we're talking about with the banking industry and how many loans they give to SME's Mostly the CEOs didn't really know When they realized it was you know around 30 percent sometimes less they were shocked and now they're really doing something about it So, you know data gives people knowledge and they make these issues actionable And I think we need to invest a lot more in data both on the public side But also in the private sector side Mostly the telecom companies do not know how many of the clients are women Only one fifth of them and that is shocking because we're going to be depending on actually giving the good services to them How do you actually define a good service for a woman if you don't know that your client there as a woman or not? So again a huge work to be undertaken But with a huge potential we know what it's like to invest in women That means you invested the whole family and the whole community and we know what it'd be like to GDP growth It would actually have at par the labor participation of women to men. Thank you For the next question I would like to call on the CEO of Unilever Well, thank you very much And thank you very much your majesty for your leadership and congratulations on everything that you've achieved You crack the whip on your CEO group every year at Davos and Adjay we've been working together Thanks to being beaten up in Davos and I thought we might as well try and get ahead of the curve and ask what more Do you think the private sector can do? Particularly at the bottom of the pyramid And are there any limitations things you think the private sector should stay away from so we can get working On our homework before we see you again on this subject Thank you very much. I think by My evening just getting a little bit worse and worse by everybody that is speaking Let me say first of all the private sector is essential I mean the government are the ones responsible for the public goods for the rules and regulations But the private sector is the ones going to provide scale and I'm really happy about this innovative partnerships That we've been seeing that Adjay has been doing with you, but you know, you're not the only ones in a CEO partnership We've actually seen a Flourishment of these partnerships of actually a company that needs potatoes and to buy potatoes But they cannot source it locally and by getting together with a telecom operator They would actually do the payments and with a bank and insurance companies all of a sudden these women farmers Have access to markets because they will buy the potatoes They will actually have access to payments immediately access to inputs and Also access to credit and on top of that health insurance through this insurance company None of these companies would have been able to go so far in into these sort of rural areas so My issue and I keep on insisting in the CEO partnership is It's I know that I have the whip or I don't know how to call it Don't want to repeat what you said but um I Think that one thing is to have all the CEOs the global CEO sitting around the table But we have to get the local CEOs really convinced on this issue and lawyers convinced of this issue Because it's innovation is going really beyond what you normally do if we really are serious about this issue We need to innovate and we have to have courage to go beyond business as usual and that is hard It's hard to explain to your shareholders It's hard to explain to your local CEOs and it's hard to explain sometimes through the regulators that I say You know what you're supposed to be a bank not to be doing all these other things So I really hope that we can keep on working together There's a lot of markets that we have to still service. So I'm really counting on you So thank you very much for collaboration We want to bring this to a KLM precision landing On time be respectful of your time So we only have a question time for one more question from my other at Zock be at CFC if I and it is on the SDGs Which also allows you to bring this back together at the UN your majesty for any last concluding remarks you want to make My other thank you so much. Tell me your majesty congratulations on an amazing 10 years And thank you for including us and thank you for including us in your celebration and thank you for picking my question So my question to you is about the SDGs and as you know, the financial inclusion is not a standalone SDG But we've been saying that it's an important enabler of the other SDGs and it has potential to have Big impact on the SDGs. So I want to talk about the measurement of financial inclusion progress How is that done? Within the SDGs and what does financial inclusion? Can how does it contribute to achieving the SDGs by 2030 given that we have 11 more years to go? Thank you so much. Of course that relation. I mean my title is financial inclusion for development. So It seems self-explanatory, but sometimes we really have to make the point, you know, where do we really touch and help The outcomes of the sustainable development goals like I've always said financial inclusion is not an ending itself but rather a means to an end and One of the things we've actually achieved is actually make the relationship to a lot of these very big outcomes So yes, we are within seven SDGs for example reduction of poverty, food security Women economic empowerment, etc. And we are under eight targets So we make it all the indicators and feed into the results We have to present in a couple of years as Accomplishment of the sustainable development goals. So How do we measure this and and I goes back to what I was just saying we need to have indicators We need to measure progress Not only to sort of show that we've actually made progress because we need to also see what are the things that we really need to change Like they said today, it's not only about people having access It's also people are changing their life because they actually had access to the financial service that actually improved their You know cash flow and the fund and the financial You know the situation in general I'm extremely happy and I have to be very thankful to the World Bank and the Gates Foundation that some years ago we started this survey book, which is actually called findex and there we have a hundred and forty countries and Measurements are done every three years and you can see, you know First of all, you can make a comparable between countries and you can see very clearly Well, well the advances are going where the programs where the stalling is actually happening And where do we really have to focus more and more attention? the IMF the IMF has done a fantastic job with their financial access survey and Which actually even includes now gender Data, so we are central banks around the world, you know, how many accounts are there? Do you know do you see the growth and how many women owned accounts and I have to say that even Christine Lagarde Was personally involved with me to push central bankers to give that gender-disaggregated data And when they got this gender-disaggregated data, a lot of them was like, oh my god I didn't realize that actually we were not serving women properly We also had the World Bank enterprise surveys and the remittance surveys and all this data is basically feeding into this eight Into the seven goals and we're going to be presenting that so I have to say that One big Analysis the World Bank did some years ago that really convinced me to get into this issue is there was a longitudinal empirical study that actually said Financial inclusion is not only pro-growth But it's also pro-poor therefore reducing inequality and we see I mean tons of evidence in Nepal We have examples that women-headed households have increased their spending on education Once they had access to savings accounts in Tanzania Thanks to digitization of payments people have been a reduction in water collection from three hours into ten minutes This is women, you know lining up to get water and Go globally pay as you go companies provided 10 million people with affordable modern energy thanks to digital financial options, so I Think we need to do more to actually even have more effect and Maybe a lot more sustainable development goals and like I said, you know, you have to measure it You have to follow it up and that will give us more inspiration to work on the future Thank you so much With that With that and a big thank you to all the distinguished speakers and for all of you for coming We are concluding the proceedings. Thank you very much again your matters. Thank you very much