Nepal Rastra Bank Takes Over Leadership of SARFII

Nepal Rastra Bank (NRB) has assumed the leadership of the South Asian Regional Financial Inclusion Initiative (SARFII). Consequently, Governor Maha Prasad Adhikari has been appointed as the Chairperson of SARFII on behalf of the bank.

Leadership Handover Ceremony:

• The chairmanship was transferred to Nepal Rastra Bank during the 15th "SARFII Leaders' Roundtable," held at the "Alliance for Financial Inclusion (AFI) Global Policy Forum" in San Salvador, the capital of El Salvador, on September 2, 2024.

• Governor Maha Prasad Adhikari participated virtually and assumed the chairmanship during the meeting.

Vice Chairperson Selection:

• The State Bank of Pakistan (SBP) was selected as the Vice Chair of SARFII.

• Previously, the Maldives Monetary Authority led SARFII.

Establishment and Membership of SARFII:

• SARFII was established in September 2022 during the "Global Policy Forum" held at the Dead Sea, Jordan.

• The central banks of Bangladesh, Bhutan, the Maldives, Pakistan, and Sri Lanka, along with Nepal Rastra Bank, are members of this network.

Objectives of SARFII:

• Facilitate regional knowledge exchange, capacity building, joint learning practices, and the implementation of technical assistance.

• Promote financial inclusion by following global and regional best practices.

Under the leadership of Nepal Rastra Bank, SARFII is expected to play a stronger role in promoting financial inclusion in South Asia.