Argentina, Brazil and Mexico along with the remainder of the G20 member states stressed the importance of accessing and using financial services in promoting inclusive and sustainable development. This is set out in point 13 of the G20 Leaders’ Declaration, issued December 1st in Buenos Aires. The next G20 summit will be held in Osaka, Japan from 28-29 June 2019.

Leaders from the world’s major economies also endorsed the Financial Inclusion Policy Guide that provides public policy recommendations to facilitate digital financial services and to financially include both individuals and businesses currently operating in the informal economy through digitization. These recommendations correspond to four critical areas: digital onboarding, digital payments infrastructure, use of alternative data for credit reporting, and financial consumer protection and data protection.

The Declaration also highlights the Global Partnership for Financial Inclusion (GPFI) Roadmap to streamline its work program and structure. The GPFI is a platform for all G20 countries, interested non-G20 countries and relevant stakeholders to carry forward work on financial inclusion, including implementation of the G20 Financial Inclusion Action Plan, endorsed at the G20 Summit in Seoul.

The GPFI streamlining process was borne from a 2017 survey to Finance and Central Bank Deputies that revealed that more than half supported the idea of analysing potential changes to their structure and workings. The Japanese and Saudi presidencies will follow this path with a view to incorporating the GPFI changes by 2020.