Actions

Building on the progress made since the Toronto Summit, the G20 has developed an Action Plan for improving Financial Inclusion, which provides a set of six concrete and pragmatic action areas to advance financial inclusion for individuals, households and MSMEs and promotes the application of the G20 Principles. It has also identified the winning proposals of the SME Finance Challenge and developed a financing framework to support the implementation of the winning proposals and to scale-up successful SME financing models.

Working with the Alliance for Financial Inclusion (AFI), the Consultative Group to Assist the Poor (CGAP), and the International Finance Corporation (IFC), the G20 will launch a Global Partnership for Financial Inclusion (GPFI) to provide a systematic coordination and implementation structure for the Financial Inclusion Action Plan. The GPFI, which builds on the strength and the process of the current G20 Financial Inclusion Experts Group (FIEG), will provide an inclusive platform for all G20 countries, and non-G20 countries – in particular developing countries- and relevant stakeholders for peer learning, knowledge-sharing, policy advocacy and coordination on financial inclusion. These efforts on financial inclusion will only be successful if they are supported by reliable data and common indicators, and the GPFI will work to improve the quality and quantity of data needed to effectively design national policies and targets and monitor progress.

The G20 also supports the strengthening of member and non-member countries’ capacities on financial inclusion policy development and implementation. Consistent with the G20 Development Framework for Strong and Balanced Growth, it recognizes the importance of enhancing the role of developing countries, including the low income countries (LICs), in the efforts to achieve balanced and sustainable economic growth and eradicate poverty. In this context, the G20 requests AFI, to facilitate the participation of the non-G20 developing countries into the activities of GPFI and global discussions on financial inclusion.