Nov 18, 2015 |
For the seventh year running, financial inclusion and the potential it holds for inclusive growth feature prominently in the annual G20 Leaders’ Communiqué. At the recent Antalya Summit, the Leaders welcomed the continued work of the Global Partnership for Financial Inclusion (GPFI). Recognizing the strong role that private sector development plays in poverty eradication, the Communiqué stresses the need of all stakeholders to work together in order to promote opportunities for low-income people and communities to participate in markets as buyers, suppliers and consumers. This calls for opening up access to payments, savings, credit, and other financial services.
Nov 17, 2015 |
The SME Finance Forum on 15 November 2015 launched its global member network in a ceremony hosted by Queen Máxima of the Netherlands, Special Advocate for the Secretary General of the UN for Inclusive Finance for Development, and Cevdet Yılmaz, the Deputy PM of Turkey. The Forum’s founding members include banks, technology “disruptors”, regulators and development finance institutions from around the world committed to accelerating financing for small businesses. “In many countries, the bulk of the employment and trade is generated by SMEs. They have a crucial role in development, commercialization and spread of innovation,” said Deputy Prime Minister Yilmaz.
Nov 16, 2015 |
In their Antalya Summit communiqué, the G20 Leaders endorsed a recommendation calling upon the Financial Stability Board and the relevant standard-setting bodies to continue their engagement with the Global Partnership for Financial Inclusion (GPFI) in finalizing the GPFI White Paper, Global Standard-Setting Bodies and Financial Inclusion: The Evolving Landscape, released at the end of the Summit as a Consultation Document. The GPFI invites public comments on the Consultation Document, according to the procedure described below. Since the publication of the first GPFI White Paper in 2011, Global Standard-Setting Bodies and Financial Inclusion for the Poor – Toward Proportionate Standards and Guidance, global standard-setting bodies (SSBs) have taken fundamental steps on financial inclusion, acting on most of the observations and recommendations in the first edition.
Nov 16, 2015 |
The private sector engagement strategy developed by the G20’s Global Partnership for Financial Inclusion (GPFI) was submitted to G20 Leaders at their November Summit in Antalya. The strategy aims to create a strong public-private sector partnership for setting priorities and implementing reforms to advance financial inclusion in G20 and non-G20 countries. The GPFI’s SME Finance Subgroup led the development of the strategy document, with GPFI Subgroups, Implementing Partners, and Affiliated Partners contributing. The Private Sector Engagement Strategy provides a framework to (a) Improve coordination between the G20 and B20, (b) Use the Alliance for Financial Inclusion Public-Private Dialogue platform, (c) Ongoing and planned engagement strategies, and (d) Specific outputs/outcomes from public-private collaboration.
Sep 30, 2015 |
September 2015 - The Alliance for Financial Inclusion (AFI), an implementing partner of the G20 GPFI, has identified key indicators to monitor the financial inclusion of small businesses.Small and medium enterprises (SMEs) are essential for economic growth because they account for over 95% of businesses worldwide and provide more than half of all jobs. Yet 200 million businesses worldwide don't have the financing necessary to invest and create new jobs. Policy makers and financial institutions working on accelerating SME finance are often impeded by a dearth of good data.Policies and interventions must be based on an informed assessment of how SMEs access and use financial services. The AFI indicators are intended to provide a comprehensive view of the state of financial inclusion for SMEs in a given country. They can help decision-makers formulate policy, set targets and monitor progress in SME finance.
Sep 17, 2015 |
GPFI Member Country representatives, Implementing Partners and Affiliated Partners had their last face-to-face Plenary meeting under the Turkish Presidency on 12 September 2015 in Antalya, following the GPFI Forum on 11 September. Attendees evaluated the year and talked about the GPFI’s key deliverables and deadlines for 2015. Chinese GPFI Co-Chair officials shared their main priorities with the participants, while each of the four GPFI Subgroups talked in breakout sessions about possible work in 2016 with the participation of IPs, APs and interested G20 member countries. Various G20 initiatives took place the week of 7 September 2015, culminating in the GPFI Forum.
Jul 27, 2015 |
Financial institutions, policy makers, investors, fin-tech companies, and regulators from 45 countries gathered recently in Izmir, Turkey, to look at innovative solutions for financing new enterprises at scale. The Turkish G20 Presidency and the Global Partnership for Financial Inclusion (GPFI) organized the two-day global workshop, Financing Entrepreneurship: Innovative Solutions, held on June 1-2, 2015. The event showcased new innovations and technology developments that are creating opportunities to accelerate small business formation and growth. About 165 attendees discussed cutting-edge practices and enabling environment reforms needed to overcome obstacles to successfully financing new enterprises at a significant scale. Following panel discussions, participants identified the most promising innovative solutions for increasing financing to small- and medium-enterprises (SMEs) in emerging markets. They are:
Jul 14, 2015 |
Updated work plans for the G20’s Global Partnership for Financial Inclusion and its four Subgroups are now available on GPFI.org. The GPFI organizes its work through four Subgroups. The overall GPFI 2015 Work Plan highlights key outcomes for each Subgroup, and includes a chart of all Subgroup outputs and a timeline of GPFI events. Key outcomes for each Subgroup in 2015 include: Regulation and Standard-Setting Bodies Subgroup: Further mainstream the work of the SSBs and other relevant global bodies and increase understanding of the interdependence of financial inclusion, stability, integrity, and consumer protection. (Read the full Work Plan.)
Jun 1, 2015 |
The GPFI is hosting the SME Finance workshop in Izmir on June 1-2, looking both at successful business models and factors that encourage or discourage innovation. Opportunities and innovations surrounding the financing of new enterprises, particularly for young and women entrepreneurs, will also be a focus of the workshop. Bankers, investors and fintech companies, along with policymakers, are among those attending the two-day workshop, which will be followed by a meeting of the GPFI.
May 14, 2015 |
The G20 Turkish Presidency welcomed this year’s celebrations of Global Money Week (GMW), an annual series of events across 100-plus countries that support financial education, inclusion, and entrepreneurship for young people. The week of events every year aims to encourage tomorrow’s adults to combine their voices in support of financial inclusion and financial education, as well as to expand their knowledge and engagement with financial issues. The Turkish G20 Presidency this year identified financial inclusion for youth as a priority.