Fourth GPFI G20 meeting pledges to work for universal financial inclusion -Governance Now

Fourth GPFI G20 meeting pledges to work for universal financial inclusion

Plenary discussions to contribute towards culmination of three year FIAP 2020

Geetanjali Minhas | September 17, 2023 | Mumbai

#finance #diplomacy #G20 #financial inclusion

The fourth G20 Global Partnership for Financial Inclusion (GPFI) meeting held in Mumbai during September 14-16 concluded with members agreeing to work towards the vision of universal financial inclusion under the new G20 Financial Inclusion Action Plan.

Over the course of three days, discussions were held on energising growth for MSMEs, empowering consumers through digital financial literacy, consumer protection as well as key priority areas of GPFI -- digital financial inclusion and SME Finance.

Day 1 of the symposium was held around two key themes: Energising MSMEs for Higher Economic Growth through Digital Public Infrastructure and Credit Guarantees and SME ecosystem.

The Symposium was addressed by Ajay Seth, secretary (economic affairs), MoF, T Rabi Sankar, deputy governor (RBI), Mohamed Gouled, vice president (International Finance Corporation) and Dr Arjun Kumar Karki, global coordinator-LDC Watch and former ambassador of Nepal to USA.

Seth said that through the New Delhi Leaders Declaration, the G20 leaders have renewed their commitment to accelerate strong, sustainable, balanced and inclusive growth and full and effective implementation of the 2030 Agenda for Sustainable Development. He underscored that MSMEs will be central in fulfilling both the commitments.

Deliberations were held on approaches to bridge the challenges faced by MSMEs through innovative measures like DPI for bridging the credit gap, promoting transparency, enhancing affordability and driving innovations and productivity gains.

On days 2 and 3, the GPFI plenary meeting and discussions were held on implementation of G20 GPFI high level principles for digital financial inclusion, update of national remittance plans, SME best practices and innovative instruments to overcome common constraints in SME financing.

The discussions contributed towards culmination of remaining work of on-going three year FIAP 2020 which is in its terminal year and is being implemented by the GPFI.

Additionally, a symposium on the topic 'Advancing Financial Inclusion through Digital Public Infrastructure: Empowering Consumers through Digital and Financial Literacy and Consumer Protection' was held on day three. It was addressed by Harsh Vardhan Shringla, chief coordinator (G20, India), Dr V Anantha Nageswaran (chief economic advisor, ministry of finance, GoI), K.V. Shaji Kumar (chairman, NABARD).

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