G20 leaders agreed at the Cannes Summit in 2011 to the GPFI recommendation to support global and national financial inclusion data efforts and subsequently endorsed the G20 Basic Set of financial inclusion indicators at the G20 Los Cabos Summit in 2012, born out of the work of the GPFI.
As committed at the time of the endorsement of the Basic Set, and in support of the key focus area of financial literacy under the Russian G20 Presidency, the GPFI expanded the indicators to cover the quality of financial service provisioning and consumption. With the support of China's G20 Presidency, the GPFI later revised the indicators to reflect the proliferation of digital financial services, including payments made through accounts, the internet, and mobile phones.
The updated G20 Financial Inclusion Indicators also measure access to digital infrastructure and the quality of regulations, drawing on data provided by the World Bank, IMF, OECD, and Gallup, Inc. These indicators, if considered in conjunction with additional country-specific information, will inform policymakers and enable comprehensive monitoring of financial inclusion developments, both at a national and at a global level.