Taking Stock of G20 Progress on Financial Inclusion

A new report takes stock of progress on the G20’s 2010 Financial Inclusion Action Plan (FIAP), concluding that the Global Partnership for Financial Inclusion (GPFI) and G20 “made considerable progress” against the seven action items outlined in the plan.

The GPFI now operates under a revised action plan – developed in 2014 under the Australian Presidency – that was deeply informed by progress on the first.

The newly-released progress report deems three of the seven original action items complete. Every G20 member, for example, has committed to a concrete step toward implementing the G20 Principles for Innovative Financial Inclusion – one of the action items under the plan.

“Advancing the dissemination and adoption of the G20 Principles for Innovative Financial Inclusion at both global and country levels proved to be highly effective,” the report reads. “This has been evidenced by the many references to the Principles internationally and by the number of countries making commitments under the Maya Declaration and participating in the G20 Financial Inclusion Peer Learning Program.”

“G20 Leader support for capacity building and training” and “strengthening of the global dialogue on financial inclusion data and measurement” are completed action items as well. The GPFI Subgroups continue to address data and measurement in their individual Subgroups.

The other four action items, namely, “Further encouraging standard-setting bodies (SSBs),” “Work with the private sector,” “Improve national, regional and international coordination,” and “Integrate financial inclusion into all types of financial system assessments” remain priorities, along with new actions adopted under the revised financial inclusion action plan.

Read the progress report for more.

(Photo Credit: Bulent Suberk/2014 CGAP Photo Contest)