Another reason why there is convergence between financial regulation and financial inclusion is that if financial intermediaries have to deliver affordable services they need to take advantage of technology and economies of scale – this requires them to grow to some optimal size. Such growth is not possible without capital.
As is usual at MAC meetings, the format will involve the presentation of a Report of our Technical Officials, followed by a discussion of the issues raised in the Report. Our technical staff have worked extremely hard over the last four days and produced a very comprehensive Report. I commend them for a job well done.