The Global Partnership for Financial Inclusion (GPFI) published its 2024 progress report to G20 Leaders, summarising work delivered from December 2023 to October 2024 under the G20 Brazil Presidency and aligned with the G20 2023 Financial Inclusion Action Plan. The report notes that the GPFI finalised deliverables on financial well-being, policy options to improve last mile digital financial inclusion, and an update on progress towards the G20 remittance target, while continuing work on a new multi-year G20 action plan for micro, small and medium enterprise (MSME) financing. The “last mile” digital financial inclusion deliverable, produced by CGAP, the Better than Cash Alliance and the World Bank, sets out barriers faced by financially excluded populations and presents policy and investment options spanning market-wide measures to reduce costs and close information gaps and actions to address non-financial barriers linked to social norms and fragile governance, alongside proposed quality indicators for product design and delivery. The G20 Policy Note on Financial Well-being, developed by the Organisation for Economic Co-operation and Development, the Office of the UN Secretary-General's Special Advocate for Inclusive Finance for Development and CGAP, introduces a working definition and preliminary conceptual framework and outlines an initial approach to measurement. The forthcoming G20 action plan for MSME financing, to be delivered by the International Finance Corporation’s SME Finance Forum, the World Bank and the OECD, is framed as a call to action to close MSME financing gaps, including for women-owned and youth-led businesses, and highlights fintech-enabled solutions leveraging Digital Public Infrastructure alongside horizontal enabling-environment measures and targeted interventions. A temporary Financial Well-Being Sub-Committee, co-led by the United States and Brazil, supported the work programme through virtual meetings, and three plenary meetings during the year reviewed drafts and invited final member comments ahead of approval. The September plenary also discussed options to implement the MSME financing action plan in 2025 and recorded South Africa’s proposed 2025 priorities of moving from access to usage and remittances.
GPFI 2025-01-15
Global Partnership for Financial Inclusion updates G20 leaders on 2024 deliverables and forthcoming MSME financing action plan
The Global Partnership for Financial Inclusion (GPFI) released its 2024 progress report to G20 Leaders, detailing achievements under the G20 Brazil Presidency and the 2023 Financial Inclusion Action Plan. Key deliverables include advancements in financial well-being, digital financial inclusion, and progress towards the G20 remittance target, with ongoing efforts on a new MSME financing action plan. The report highlights collaboration with organizations like CGAP, the World Bank, and the OECD, focusing on policy options, fintech solutions, and addressing barriers for financially excluded populations.