However, unlicensed institutions that take deposits from the general public under the guise of member-savings and those intermediating compulsory savings are doing so illegally and must stop. I also wish to state, as I conclude, that new technology especially in the area of electronic money transfer and agency banking are destined to drive most of the future efforts aimed at financial inclusion.
A lot of care must therefore be taken to build sufficient risk-mitigation and regulatory mechanisms that ensure safety of savers’ funds but at the same time promoting further advances to avoid stifling technological development. With these remarks I once again thank AMFIU for the foresight which led to the establishment of the AMFIU calendar at which very useful topical issues are discussed.