GPFI holds Second Plenary

08/09/2021 - 5:32pm

The first day of the meeting was dedicated to remittances. Important objectives have been achieved in this area, especially in reducing the average cost of transfers. However, it appears to be necessary to continue to monitor the market at an international level to continue on a path of ever-greater efficiency. The offer conditions and service levels are not yet satisfactory, especially for some corridors and for some countries. These activities are even more critical if one consider that, despite the difficulties posed by the pandemic, the flows of remittances have remained substantially stable, confirming that they are a necessary and irreplaceable source of funding for recipient families in the poorest countries.
The second day was dedicated to discussing the draft version of the reports prepared to support the objectives of the Presidency. The reports analyze the impacts of the pandemic on the financial resilience of individuals and small and medium-sized enterprises, the new risks of exclusion, and those linked to cyber fraud due to the increased digitization of financial services and products. Based on the analysis, the reports highlight, on the one hand, which policies have been adopted by countries to mitigate the most adverse consequences of the pandemic and of digitization on financial inclusion and, on the other, in a longer-term perspective, what actions have been taken to increase financial literacy, especially digital literacy, and to provide greater protection for financial customers in the face of new digital risks.

Second G20 GPFI Plenary: Agenda
Second G20 GPFI Plenary: Co-Chair’s Summary