The Global Partnership for Financial Inclusion (GPFI) is an international forum comprising G20 countries, non-G20 countries, and international organizations. It was established in 2010 to promote financial inclusion worldwide. The GPFI aims to develop policies and programs that provide access to affordable and appropriate financial services to all, especially the most vulnerable segments of society. It also seeks to enhance financial literacy and consumer protection.
The recent G20 meeting on Global Partnership for Financial Inclusion held in Hyderabad witnessed the announcement of India and Italy as the new long-term Co-Chairs of the GPFI for three years starting from 2024. The meeting also discussed important deliverables for the year, including digital financial inclusion and SME finance. Additionally, a dedicated workshop was organized to develop the Financial Inclusion Action Plan (FIAP) 2023 that will direct the financial inclusion work under G20 for 2024-26.
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Furthermore, a Digital Innovations in Payments and Remittances symposium was organized on the sidelines of the GPFI meeting. The symposium provided a platform for G20 and non-G20 countries to discuss the role of digital innovations in payment systems for financial inclusion, productivity gains, resilience, and inclusive growth. Experts from various international organizations, including the Better Than Cash Alliance, the International Fund for Agricultural Development, Women’s World Banking, and the Reserve Bank of India, shared their experiences and understanding of developing a robust payment system.
The key takeaways from the G20 meeting on Global Partnership for Financial Inclusion were the selection of India and Italy as the new Co-Chairs of GPFI, the discussion on important deliverables for the year, and the symposium on Digital Innovations in Payments and Remittances. The meeting also witnessed the active participation of Ministry of Finance and Central Bank representatives from G20 and non-G20 countries and international organizations, highlighting the significance of global collaboration in promoting financial inclusion.
Looking ahead, the GPFI plans to continue its efforts to promote financial inclusion globally by developing policies and programs that provide access to affordable and appropriate financial services to all, especially the most vulnerable segments of society. The Financial Inclusion Action Plan (FIAP) 2023 will guide the financial incorporation work under G20 for 2024-26, and the symposium on Digital Innovations in Payments and Remittances has provided a roadmap for the development of a substantial payment system for improving financial inclusion, resilience, productivity gains, and inclusive growth. The GPFI will continue to collaborate with its members and international organizations to promote financial inclusion worldwide.