Nov 18, 2014 |
G20 leaders committed to take “strong practical measures” to prioritize financial inclusion while also approving an updated Financial Inclusion Action Plan, at the G20 Leaders’ Summit held 15-16 November in Brisbane, Australia. In the G20 Leaders’ Communiqué from the summit, G20 leaders also committed to reduce the global average cost of transferring remittances to five percent.
Oct 28, 2014 |
The fast-growing field of digital finance offers huge opportunities to low-income people traditionally excluded from formal financial services. These benefits as well as the challenges of digital financial inclusion were the theme of a major conference held in Basel on 30-31 October that was attended by representatives from the six global standard-setting bodies and the GPFI. Hosted by the Financial Stability Institute of the Bank for International Settlements, the conference was the second G20 GPFI Conference on Standard Setting Bodies and Financial Inclusion. Formally opened by BIS General Manager, Jaime Caruana, the Basel gathering explored the implications of low-cost digital transaction platforms for regulators, supervisors, standard-setting bodes and customers themselves. An estimated 2.5 billion people currently use only cash in their daily lives with little or no access to formal financial services like loans, credit insurance and savings.
Sep 12, 2014 |
On 2 September 2014, the G20’s Global Partnership for Financial Inclusion (GPFI) met in Perth, Australia, to discuss progress with and next steps for the G20 in assisting countries to bring financial services to the 2.5 billion people and more than 200 million small and medium sized enterprises (SMEs) currently not being served by the formal financial system. Under the Australian presidency, the GPFI has focused on reviewing progress against the G20 Financial Inclusion Action Plan and updating the Action Plan to address new challenges and opportunities. At the 2 September meeting, delegates discussed and endorsed an updated Financial Inclusion Action Plan that includes a specific focus on the role of emerging technologies in advancing financial inclusion. The Plan contains clear and measurable goals and indicators of success. Delegates also agreed to revised Terms of Reference for the GPFI and a work plan for 2014.
Sep 12, 2014 |
The GPFI Forum is an annual high-level event which aims to engage a select group of leading private sector innovators, global policy makers, and thinkers to discuss and influence critical aspects of the G20 financial inclusion agenda. This theme for this year’s Forum which took place on 1 September 2014 in Perth, Australia, was “Digital Financial Services: A catalyst for advancing financial access, empowering women and economic growth.” The Forum included two panels which discussed the opportunities, the challenges of digitization and how progress is being made individually and through partnerships of governments, consumers and the private sector. These panels were followed by deeper discussions on specific issues – regulation, private sector engagement, consumer engagement and innovation.
Aug 28, 2014 |
August 28, 2014 - Integrating digital payments into the economies of emerging and developing nations addresses crucial issues of broad economic growth and individual financial empowerment, according to a new report by the World Bank Development Research Group. Read the full press release here.
Jun 12, 2014 |
A report by the World Bank Development Research Group, the Better Than Cash Alliance, and the Bill & Melinda Gates Foundation to the GPFI 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. Released on 28 August 2014, the report “Opportunities of Digitizing Payments” explores how the digitization of payments, transfers and remittances contributes to the G20 goals of broad-based economic growth, financial inclusion and women’s economic empowerment.
Jun 4, 2014 |
At its meeting in Hobart, Australia, on May 5-6, 2014, the GPFI reviewed its work to date and focused on how new technologies such as mobile banking and other innovations could help advance progress on financial inclusion in many developing countries. Delegates considered how the GPFI could help lower the cost of money transfers, which can attract fees of more than 30 percent in low-income countries, and improve the availability of remittance services, including from non-bank remittance providers. In 2013, the G20 extended the GPFI's mandate to look at how to reduce the costs of remittances, making it easier and cheaper for migrants to send money home to their families in developing countries.
Jun 4, 2014 |
Watch the Australian Co-Chair Rebecca Bryant explain Australia's priorities for the GPFI in 2014. Video available here.
Apr 11, 2014 |
As part of the 2014 Spring Meetings of the World Bank Group and International Monetary Fund, the session "Digital Finance: Innovation at the Core of Big Development Challenges" brought together innovators, private sector leaders, and government representatives to discuss how transformative businesses are taking advantage of giant leaps in digital technology to benefit individuals and small businesses in developing countries who have no access to formal financial services and credit. More information on the session is available here. Watch the replay of the session at http://live.worldbank.org/digital-finance
Feb 19, 2014 |
The GPFI Data and Measurement Subgroup has compiled a number of case studies to showcase how data translates into evidence-based policies in the specific context of countries’ experience in using financial inclusion data. The Alliance for Financial Inclusion (AFI) played a key role in canvassing members of the AFI network and coordinating the work to complete the country case studies. Apart from demonstrating the use of data in the financial inclusion development of the countries, a useful by-product of the case studies is the description of particular elements of each country’s financial inclusion journey. Read the following country case studies now available in the Publications section: Bangladesh Burundi