G20 Leaders Reiterate Importance of Financial Inclusion

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. 

“We are committed to poverty eradication and development, and to ensure our actions contribute to inclusive and sustainable growth in low-income and developing countries. We commit to take strong practical measures to reduce the global average cost of transferring remittances to five per cent and to enhance financial inclusion as a priority. The G20 Food Security and Nutrition Framework will strengthen growth by lifting investment in food systems, raising productivity to expand food supply, and increasing incomes and quality jobs. We support efforts in the United Nations to agree an ambitious post-2015 development agenda. The G20 will contribute by strengthening economic growth and resilience.”

Read the full Communiqué

The updated Financial Inclusion Action Plan approved by G20 leaders at the summit was endorsed by the Global Partnership for Financial Inclusion (GPFI) at its September meeting in Perth. The Plan includes a specific focus on the role of emerging technologies in advancing financial inclusion. It also contains clear and measurable goals and indicators of success, as G20 countries aim 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.

(Photo credit: Andrew Taylor/G20 Australia)