The G20 Financial Inclusion Action Plan (FIAP) Progress Report 2010-2014 takes stock of achievements and the progress of the GPFI over the past five years in meeting the original objectives of the FIAP and additional commitments made by G20 Leaders since 2010. It also provides a full list of documents produced by the GPFI.
This document highlights the priorities of Turkey’s G20 Presidency on financial inclusion and remittances for 2015. The focus is on implementing the Financial Inclusion Action Plan approved by G20 leaders at the Brisbane Summit in 2014. The Priorities Paper also includes several key events for the GPFI in the coming year. Read the full paper for more.
The Group of Twenty (G20) recognizes the value of remittance flows in helping to drive strong, sustainable and balanced growth. In September 2014, G20 leaders agreed to a plan to facilitate remittance flows including: working to reduce the global average cost of transferring remittances to five percent; supporting country-led actions to address the cost, and improve the availability of remittance services, particularly for poor people; and using remittance flows to drive financial inclusion and development.
G20 leaders endorsed the original Financial Inclusion Action Plan (FIAP) at the Seoul Summit in 2010. This is an updated version of that plan. The latest FIAP reviews the progress of the Global Partnership for Financial Inclusion (GPFI) in implementing the original action plan, as well as revises some ongoing actions and adopts new actions. It also sets out how the GPFI will track and monitor progress against these actions in the future.
This report, compiled and published by the SME Finance Forum on behalf of the G20 Global Partnership for Financial Inclusion SME Subgroup, features case studies on promoting growth for small and medium enterprises (SMEs). The case studies codify a range of real-life examples of policy interventions and regulatory changes that promote SME growth through improved access to finance.
This Issues Paper framed the subject matter in the opening session of, and throughout, the 2nd GPFI Conference on Standard-Setting Bodies and Financial Inclusion: Standard Setting in the Changing Landscape of Digital Financial Inclusion. The event, hosted by the Financial Stability Institute from 30-31 October in Basel, explored both the potential benefits and potential risks to financially excluded and underserved populations flowing from digital financial inclusion.
Six global standard-setting bodies (SSBs), as well as the GPFI who are engaged in work relevant to digital financial inclusion, participated.
Both the full Issues Paper and a summary of key points are available for download.
A report by the World Bank Development Research Group, the Better Than Cash Alliance, and the Bill & Melinda Gates Foundation to the G20 Global Partnership for Financial Inclusion presents a synthesis of the evidence that the widespread adoption of digital payments in all their forms, including international and domestic remittances, can be instrumental in reaching the goals of the G20.
The Microcredit Regulatory Authority (MRA) of Bangladesh was concerned about the high interest and service charges set by MFI’s on consumers. They set out to develop a framework to protect consumers, while at the same time enable MFI’s to operate sustainably. The study describes the data gathering, the consultative process and the support provided in setting a fair and consistent rate. This policy is monitored regularly and continues to show compliance by MFI’s, improved efficiency in MFI operations and greater benefit to the end consumers.
The Bank of the Republic of Burundi (BRB) realized that they couldn’t develop effective financial inclusion policies without reliable data on access, usage and quality of financial services in the country. To this end and with support from AFI, they undertook a national demand-side survey to diagnose the state of financial inclusion. The study describes the multi-stakeholder approach, involving both the public and private sector and gives a summary of the findings. The findings enabled policy makers to identify barriers and areas of focus for financial inclusion, leading to the development a national strategy. The data also enabled policymakers to set national financial inclusion targets.
The financial inclusion situation in Mexico required policy development to address the disparities in usage and reach of financial services between urban and rural areas. The study describes the formation of the national coordinating body for financial inclusion and the development of a comprehensive data framework to inform policy. The banking agents, mobile payments and tiered-risk account policies and regulations introduced to increase financial inclusion, particularly in the under-served areas, are described. The effects of these interventions are quantified through appropriate data and the remaining challenges to improve the situation are identified.