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The G20 Leaders agreed to the G20 Plan to Facilitate Remittance Flows in 2014. Through this Plan they committed to implement national remittance plans outlining country-led actions supporting effective remittance flows and reducing remittance transfer costs. At the Antalya Summit in 2015, G20 leaders agreed that national remittances plans would be reviewed annually and updated every two years, with the first update to occur in 2017.
Reinforcing this commitment to support effective remittance flows, this first update of the G20 National Remittance Plans encompasses the 2017 update of the GPFI Financial Inclusion Action Plan (FIAP), and includes key G20 commitments of recent years including:
- Alignment with the 2030 Agenda and Addis Ababa Action Agenda, including the target under Sustainable Development Goal 10 to reduce remittance costs to less than 3 per cent and eliminate remittance corridors with costs higher than 5 per cent by 2030.
- Application of the High-Level Principles for Digital Financial Inclusion adopted by the leaders at the Hangzhou Summit in 2016.
- Consideration of the impact of de-risking activities on remittance flows and costs, as highlighted by the 2015 Report on the G20 Survey on De-risking Activities in the Remittance Market.
Alongside the implementation of the updated G20 National Remittance Plans, the GPFI will continue its efforts to improve the environment for remittances in accordance with Action Area 7 within the updated FIAP: Reduce the cost of sending remittances taking into account systemic causes of high remittance transfer costs, while ensuring the quality of remittances services and service delivery, and working to establish a supportive policy and regulatory environment for competitive remittance markets, as well as to maximize their impact on local economic development.
Learn more about the G20 National Remittance Plans.
