Global Live

Speaker Spotlight: A Fireside Chat with Ajay Banga and Michael Schlein

TOPICS

  • Inclusive Digital Economies

FIW Year

  • 2024

Transcripts:

English
Spanish
French

Summary + Key Insights

Ajay Banga discusses his role at the World Bank, emphasizing the importance of financial
inclusion, digital identity, and collaboration across sectors.

  • Holistic Approach Required: Addressing poverty and climate change together is vital for sustainable development, as they are interconnected issues. The World Bank’s reframing emphasizes this integrated perspective.
  • Financial Inclusion as a Multiplier: Achieving financial inclusion can significantly enhance economic growth and resilience, particularly for small businesses and farmers, which underscores the need for targeted strategies.
  • Digital Identity’s Impact: Providing individuals with digital identities is essential for accessing financial services, enabling them to build credit histories and participate in the economy.
  • Ambitious Goals: The World Bank’s objective to connect millions to energy and healthcare by 2030 showcases the urgency and scale of the financial inclusion challenge.
  • AI’s Transformative Potential: Generative AI can revolutionize various sectors, including finance and agriculture, by improving service delivery and enhancing productivity, but access to necessary resources remains a challenge.
  • Emerging Markets Under Strain: Many countries face economic stress due to debt and climate crises, necessitating inclusive finance strategies to foster resilience and growth.
  • Collaboration is Key: Success in financial inclusion efforts relies on partnerships across governments, NGOs, and the private sector to tackle deep-rooted challenges effectively.

This session summary was AI-generated using NoteGPT.

Digital innovation is reshaping the economy, but nearly 2 billion people globally remain excluded from or poorly served by the global financial system. Join Ajay Banga, President of the World Bank, and Michael Schlein, President and CEO of Accion, as they look ahead to the next decade of inclusive finance, and what it will take to reach and support the next billion underserved people with the responsible financial services to build resilience against worsening environmental and economic threats.

Session Speakers

Ajay Banga

President, The World Bank

Ajay Banga began his five-year term as World Bank Group President on June 2, 2023. Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees. Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc. Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

Michael Schlein

President and CEO, Accion

Michael Schlein brings nearly 30 years of extensive international banking, management, and public service experience to his role as President and CEO of Accion. He is responsible for creating and implementing Accion’s strategy, managing its global team, and maintaining a high-performing organization. Michael’s strategic leadership has built Accion into a leading early-stage investor in fintech for inclusion and an expert in the digital transformation of financial service providers. During his tenure, he has cultivated partnerships that strengthen Accion’s work to develop and scale cheaper, more accessible, and customer-friendly financial solutions for underserved people globally. Michael joined Accion in 2007 as a member of its Board of Directors and in 2009, became Accion’s President and CEO. Prior to his employment at Accion, Michael served as President of Citigroup’s International Franchise Management, where he managed the bank’s network of 100 Chief Country Officers. Before that, he ran communications, philanthropy, government relations, branding, and human resources for Citigroup. He served as Chief of Staff at the U.S. Securities and Exchange Commission in the Clinton Administration and in New York’s City Hall in the Dinkins and Koch Administrations. He began his career in investment banking.

FIW REsources

Explore Financial Inclusion Week sessions from previous years.

Hosted annually by the Center for Financial Inclusion, FIW brings together global leaders to exchange ideas, share research, and offer perspectives to inform the future of inclusive finance.

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