Baden-Baden G20 Communiqué Commits to Advance Financial Inclusion

03/28/2017 - 12:21am

G20 Finance Ministers and Central Bank Governors gathered in Baden-Baden, Germany, on 17 and 18 March, committed to advance financial inclusion worldwide while supporting and recognizing the work of the Global Partnership for Financial Inclusion (GPFI). A special focus was given to facilitating financial services among vulnerable groups and Small and Medium-sized Enterprises’ (SMEs) in the G20 Communiqué so as to advance and encourage SME participation in sustainable global value chains.

Participants in the G20 Baden-Baden meeting. Photo credit: Thomas Köhler 

Recognizing the importance of digital financial inclusion the G20 reaffirmed its commitment to “encourage G20 and non-G20 countries to take steps to implement the G20 High-Level Principles for Digital Financial Inclusion.”

The G20 Communiqué also emphasized “the importance of enhancing financial literacy and consumer protection”, while addressing the opportunities and challenges of digital financial services.

At the Baden-Baden meeting, G20 Finance Ministers and Central Bank Governors also recognized the significance to improving the environment for remittances, and welcomed the progress made by the GPFI towards facilitating remittances “by promoting actions and policies that could lower their costs.”