The Implementing Partners of the GPFI are the Alliance for Financial Inclusion (AFI), the Consultative Group to Assist the Poor (CGAP), the International Finance Corporation (IFC), the Organisation for Economic Co-operation and Development (OECD) and the World Bank. The Implementing Partners coordinate the implementation of the activities of each Subgroup together with other relevant stakeholders and the participating G20 and non-G20 countries.
Alliance for Financial Inclusion (AFI)
The Alliance for Financial Inclusion (AFI)
is a knowledge network of central banks and other financial regulatory bodies in developing countries. As a key player for global financial inclusion efforts, AFI serves as one of the five GPFI Implementing Partners.
AFI's contribution to the G20 financial inclusion process started when the G20 Financial Inclusion Experts Group (FIEG) invited AFI to participate as an advisor. In this process, AFI highlighted the fact that many of the smartest and most innovative policies for increasing access to financial services have come from developing countries and the importance of listening to and learning from developing country experience. The FIEG appreciated these points and the value that AFI can bring as a network of developing country policymakers. The Group utilized many of AFI's ongoing programs, including dialogues and meetings with developing country policymakers, together with the AFI Survey on Financial Inclusion Policy which helped to shape the G20 Principles for Innovative Financial Inclusion
The G20 Action Plan requests that AFI facilitates the participation of non-G20 developing country policymakers into the activities of the GPFI. To effectively channel the views of non-G20 developing countries into the GPFI process, AFI has worked with the G20 to facilitate the participation of some of its leading members (Central Bank of Kenya, Bangko Sentral ng Pilipinas, Bank Negara Malaysia, Bank of Thailand, and Central Bank of Peru) in the work of the GPFI Subgroups.
As a GPFI Implementing Partner, AFI is helping to take forward the work programs of the Subgroup on the Principles and the Standard-Setting Bodies (SSBs) and the Subgroup on Financial Inclusion Data and Measurement. AFI is promoting the use of the G20 Principles for Financial Inclusion
amongst its members and is documenting how countries have implemented them, and the challenges they have faced in doing so.
The Consultative Group to Assist the Poor (CGAP)
The Consultative Group to Assist the Poor (CGAP)
works toward a world in which everyone has access to the financial services they need to improve their lives. CGAP develops innovative solutions for financial inclusion through practical research and active engagement with financial service providers, policy makers, and funders. Established in 1995 and housed at the World Bank, CGAP combines a pragmatic approach to market development with an evidence-based advocacy platform to advance poor people's access to finance. CGAP's global network of members includes over 30 development agencies, private foundations, and national governments that share a common vision of improving the lives of poor people with better access to finance.
CGAP's relationship with the G20 began in 2009 with CGAP's participation as a key Implementing Partner for the Financial Inclusion Experts Group of the G20 (FIEG), the predecessor to the GPFI. The work of the FIEG resulted in the endorsement of the G20 Principles for Financial Inclusion
at the G20 Summit in Toronto and the approval of the G20 Financial Inclusion Action Plan at the G20 Summit in Seoul.
CGAP serves as one of five key Implementing Partners for the GPFI and is involved in all of the GPFI Subgroups. CGAP is the lead Implementing Partner for the Standard-Setting Bodies (SSBs) workstream of the GPFI Subgroup on the G20 Principles and SSBs (the Alliance for Financial Inclusion leads the Subgroup's workstream on putting the Principles for Innovative Financial Inclusion into practice.) The main objective of the workstream is to embed consideration for financial inclusion into the work of the SSBs, as well as to improve the treatment of financial inclusion in various financial system sector assessments and evaluations. As the lead Implementing Partner for this workstream, CGAP helps to communicate GPFI's financial inclusion message to the most relevant SSBs – the Basel Committee on Banking Supervision (BCBS)
, the Committee on Payment and Settlement Systems (CPSS)
, the Financial Action Task Force (FATF)
, the International Association of Deposit Insurers (IADI)
, and the International Association of Insurance Supervisors (IAIS)
– by coordinating research, convenings, and dialogue on each SSB's role in advancing the G20 Principles for Financial Inclusion. This includes working, on behalf of the GPFI, with individual SSBs on issues of particular relevance to their mandates and cross-cutting issues of relevance to multiple SSBs.
International Finance Corporation (IFC)
International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC helps companies and financial institutions in emerging markets create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities. The goal is to improve lives, especially for the people who most need the benefits of growth.
IFC's engagement with the G20 originated in 2009 with IFC's participation as a key Implementing Partner for the Financial Inclusion Experts Group of the G20 (FIEG), the predecessor to the GPFI. Recognizing its leading role in SME Finance, IFC was nominated as lead technical advisor to the FIEG SME Finance Subgroup and was tasked to lead the Subgroup's deliverables and act as its secretariat.
As one of five key Implementing Partners of the GPFI, IFC is involved in the Subgroup on SME Finance and the Subgroup on Financial Inclusion Data and Measurement. It is the lead Implementing Partner for the Subgroup on SME Finance. IFC's primary activities in driving the delivery of the SME finance workplan include the launch of an inclusive knowledge sharing platform for SME finance data, research and best practices (the SME Finance Forum), the recommended comprehensive SME Finance Policy Framework and an accompanying pilot program to help selected countries implement the framework (SME Finance Compact) and research on Women Entrepreneurs and Agri-finance.
IFC is also actively supporting the Data and Measurement Subgroup, providing technical inputs on stocktaking the financial inclusion data landscape and on analytics that may be considered for financial inclusion target-setting at the country-level. In addition to the support specific to each of the GPFI Subgroups, IFC provides overall coordination and cross-cutting support to the GPFI.
Organisation for Economic Co-operation and Development (OECD)
The Organisation for Economic Co-operation and Development (OECD)
was created in 1960, currently consists of 34 member countries. It brings together governments of countries committed to support sustainable economic growth, boost employment, raise living standards, maintain financial stability, assist other countries' economic development and contribute to growth in world trade.
In 2002, the OECD established a comprehensive project on Financial Education and further created the International Network on Financial Education (INFE) in 2008 to involve more global experts on financial education. The INFE currently comprises 107 countries and over 260 public institutions and develop methodologies and data, identify and analyze efficient practices and establish global policy instruments on financial literacy and education. The INFE is also a global platform for sharing of experience and review implementation of policy instruments amongst peers. A dedicated website (www.financial-education.org
) provides an online data base of financial literacy programs worldwide.
As an Implementing Partner of the GPFI, the OECD serves primarily to support the work of the Subgroup on Financial Consumer Protection and Financial Literacy, but is also expected to provide insights and contribute as relevant to the work of the other Subgroups, in particular the Subgroup on Financial Inclusion Data and Measurement and the Subgroup on SME Finance.
The OECD contribution to the G20 agenda in the areas of financial literacy and financial consumer protection has been far reaching. In 2010, the OECD created the G20/OECD Task Force on Financial Consumer Protection
. The Task Force involves all OECD countries, G20 and FSB economies as well as international organizations and standard-setting bodies with an interest in financial consumer protection.
The World Bank
The World Bank Group
is a vital source of financial and technical assistance to developing countries around the world. Its mission is to fight poverty with passion and professionalism for lasting results and to help people help themselves and their environment by providing resources, sharing knowledge, building capacity and forging partnerships in the public and private sectors.
The World Bank is made up of two unique development institutions owned by 187 member countries: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Each institution plays a different but collaborative role in advancing the vision of inclusive and sustainable globalization. The IBRD aims to reduce poverty in middle-income and creditworthy poorer countries, while IDA focuses on the world's poorest countries.
The World Bank serves as a leading development partner to low and middle-income countries, in supporting their targets and actions in financial inclusion, financial infrastructure, consumer protection, financial capability, and micro and SME finance. It offers knowledge and data sources, and articulates components, strategies, and partnership models to assist countries to achieve financial inclusion. The World Bank has an active lending portfolio for financial inclusion of over US$ 4 billion, and projects in more than 60 countries.
The World Bank serves as an Implementing Partner for the GPFI, across all its Subgroups. For example:
The World Bank (DECFP) has developed a website
for the GPFI that collects and monitors progress on the G20 Financial Inclusion Indicators. This integrates global data efforts to track global and national financial inclusion progress.
A Financial Inclusion Reference Framework
was prepared by the World Bank as a reference or resource document for countries designing and implementing financial inclusion strategies and programs of reforms.
The 2012 G20 Presidency has also asked the World Bank to support the implementation of financial inclusion commitments at country-level, through an implementation support framework
. The Financial Inclusion Support Framework (FISF) provides multi-year programs of technical assistance and capacity-building support in line with national financial inclusion strategies and action plans.