The Implementing Partners of the GPFI are the Alliance for Financial Inclusion (AFI), the Better Than Cash Alliance, the Consultative Group to Assist the Poor (CGAP), the International Finance Corporation (IFC), the International Fund for Agricultural Development (IFAD), the Organisation for Economic Co-operation and Development (OECD), and the World Bank Group. 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 Better Than Cash Alliance
The Better Than Cash Alliance is a global alliance of governments, private sector, and development organizations committed to moving from cash to electronic payments.
The Alliance advocates for the shift away from cash payments to electronic payments including payment of benefits, payroll, humanitarian aid, pensions, business to business purchases and more by governments, private sector, and development organizations. In addition, the Alliance provides technical assistance to member governments and organizations making the transition.
Through research and case studies, the Better Than Cash Alliance builds the evidence base for the benefits of electronic payments including: being a driver of financial inclusion; reducing costs and increasing efficiency in payment distribution; increasing transparency and accountability; providing confidentiality and control for women; and increasing security. The Alliance also shares insights and findings from member experiences to help others maximize the benefits at each stage of their transition.
Founded in 2012, the Better Than Cash Alliance is funded by The Bill & Melinda Gates Foundation, Citi, Ford Foundation, MasterCard, Omidyar Network, USAID, and Visa Inc. The UN Capital Development Fund serves as the secretariat.
The Better Than Cash Alliance’s partnership with the G20 began in 2014 when the Alliance became an Implementing Partner of the GPFI.
The Consultative Group to Assist the Poor (CGAP)
International Finance Corporation (IFC)
International Fund for Agricultural Development (IFAD)
The International Fund for Agricultural Development (IFAD), a specialized agency of the United Nations established in 1977 as an international financing institution, is dedicated to eradicating rural poverty in developing countries by empowering poor rural women and men to achieve higher incomes and improved food security. IFAD’s Financing Facility for Remittances (FFR) is a US$28 million, multi-donor facility, working since 2006 with the goal of increasing the development impact of remittances and enabling poor rural households to advance on the road to financial independence. The FFR co-finances development projects in close collaboration with public, private and civil society partners, and it acts as an information broker to facilitate the dissemination, replication and scaling up of remittance-related best practices.
IFAD and the GPFI
IFAD is deeply committed in contributing to the work of the GPFI and its Subgroups on Regulation and Standard-Setting Bodies, Financial Consumer Protection and Financial Literacy, SME Finance, and the newly created Subgroup on Markets and Payments Systems dealing in particularly with the issue of remittances.
With regards to this particular Subgroup, IFAD believes that leveraging the impact of remittances for development –particularly in rural areas– is beneficial to promote financial inclusion and to bank the unbanked. It is also true the other way around: without financial inclusion, the tremendous potential that remittances have on developing countries could not be advantageous for migrants and their families.
Through its projects, IFAD has promoted financial education among migrants and their communities of origin, by giving them access to the appropriate tools and mechanisms for investing and start saving, in partnership with private sector, public institutions and the civil society. This is how IFAD can actively contribute to the GPFI, not only through the exchange of knowledge, best practices and successful experiences, but also to raise awareness on the tremendous opportunities that remittances have in reaching the last mile.
IFAD also supports the GPFI SME Finance Subgroup. The work on innovative agricultural SME finance models, started in 2011, is closely related to IFAD’s mission to invest in rural people. As an international financial institution, IFAD was able to contribute to the collaborative effort by sharing insights from our core business of investments in agricultural enterprises, including smallholder producers in value chain arrangements and small and medium scale agro-processing enterprises supported by project cases. IFAD remains engaged in the agricultural finance related policy dialogue and recommendations, with a focus on financial inclusion for agricultural development, food security and nutrition. IFAD also recognizes the fundamental role played by the diaspora throughout the world, and has been actively working on linking the diaspora capital as source of SME financing in agriculture.
For further information, please visit RemittancesGateway.
Organisation for Economic Co-operation and Development (OECD)
The World Bank Group