This expansion has also been noted in the microfinance sector which is growing to fill the supply gap for finance that arose from the closure of banks  4  BIS Review 99/2008  and branches in rural and peri-urban areas earlier on. With the microfinance regulations issued in 2006, the number of microfinance institutions licensed by BoZ, for instance, has grown from 3 in 2006 to 15 as at June 30, 2008, with several other applications currently under consideration. This change in strategy is partly due to the strengthened fiscal position of the Government and the significant fall in annual inflation to single digit levels in 2006 for the first time in three decades. These developments have resulted in reduced returns on investment in Treasury bills and Government bonds thus compelling banks and NBFIs to actively seek other investment avenues. To this end, domestic credit to the private sector as a percentage of GDP has increased from 18.7 percent at the end of 2005 to 43.0 percent at end of 2007. In the same period, the proportion of national savings increased from 18.1 percent to 21.6 percent. 4 These statistics are good indicators of improving access to financial services. 4.1.2  Government  The Government is encouraging the state-owned NBFIs, that already deal with the lowincome market to deepen and broaden their services. Some of these already have an increasing presence country wide and have developed strategic development plans, aimed at extending financial services to the low income population.
Their many initiatives include “Women of the Year” programmes to recognise female employees for outstanding success, as well as their Women’s Initiative Network (WIN) which provides a supportive platform for sharing and engagement among Barclays employees worldwide. 24. Amongst us, there are many women leaders who have blazed the trail in the industry. The moderator for today’s panel discussion, Deborah Ho, has had an illustrious career with financial institutions in Asia and New York and is an IBF Fellow. Deborah serves on the committees of Barclays’ Global Investment Bank Diversity Council and Women’s Initiative Network. She is also Barclays’ representative on BoardAgender. 25. The list goes on and thank you each and every one of you, for inspiring in your own way and for being a role model. Closing remarks 26. It is critical for us to diversify our workforce, especially since it has been shown over and over again that the best performing organisations are those who tap on all of their employees’ talents, both men and women alike. In fact, according to another McKinsey report, gender-diverse companies are 15% more likely to outperform their non-diverse counterparts. 2 27. We must do more in our own capacity to promote and encourage talent development in the financial sector, being an inspiration in our own way. Not simply for the benefit of employers, but to allow every individual an equal opportunity to pursue their goals and dreams, and strive for their best.