Under the Indonesia G20 Presidency, the Global Partnership for Financial Inclusion (GPFI) in collaboration with the SME Finance Forum organized a G20 Workshop on 'Digital and Innovative Financial Products and Services for MSMEs Beyond Credit'. The aim was to encourage the participation of GPFI members and the public to contribute to the preparation of a living database that will contain examples of successful financial products and services for “beyond credit” MSMEs. The workshop was opened by Chairman of Fiscal Policy Agency, Indonesia Ministry of Finance, Febrio Kacaribu.
Widened economic inequality due to pandemic, especially for the most vulnerable and underserved groups, including MSMEs, underscore the importance to increase access to financing to empower MSMEs. Not only access through credit products, exploring innovative financial products and services beyond credit is significant. With “beyond credit” approach, it is hoped that MSME businesses can grow well by utilizing wide range of innovative and digital product and services available in the market and formal financial institutions are able to manage credit risk better. As a manifestation of the Indonesia G20 Presidency, together with GPFI and the SME Finance Forum, a web-based GPFI database platform will be built to store good practices of innovative financial products and services. The Indonesia G20 Presidency is committed to advancing the financial inclusion agenda through partnerships with GPFI in developing a financial inclusion framework to harness the benefits of digitalization.
The video of workshop can be viewed here along with the interventions made by Maor Aharoni (VCITA), Zainab Saeed (Kashf Foundation), Joseph Nnanna (Development Bank of Nigeria), Alexandra Stuart (VISA), Mohamed Mazen Dakhli (IsDB) and Jonathan Batangan (Cebuana Lhuillier Insurance).