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India

Fourth G20 meet on Financial Inclusion to commence today in Mumbai

September 14, 2023 5:54 PM IST

G20 India | G20 Meeting | Financial inclusion | digital financing

The Fourth G20 Global Partnership for Financial Inclusion (GPFI) Meeting is scheduled to take place in Mumbai from September 14 to 16, 2023. This gathering will convene more than 50 delegates representing G20 member nations, special invitee countries, and international organizations.

The primary focus of the meeting will revolve around discussions regarding the ongoing initiatives within the financial inclusion agenda under the G20 India Presidency. Specifically, these discussions will delve into topics related to Digital Financial Inclusion and Small and Medium Enterprises (SMEs) Finance. Digital financial inclusion entails using cost-effective digital methods to extend a variety of formal financial services tailored to the requirements of presently excluded and underserved populations, keeping costs affordable for customers while ensuring sustainability for service providers.

Preceding the main meeting, a Symposium centered on Digital Public Infrastructure to empower Micro, Small, and Medium Enterprises (MSMEs) is set to be held on September 14, 2023. The Symposium will see panel discussions between global experts around two key themes “Energizing MSMEs for Higher Economic Growth through Digital Public Infrastructure” and “Credit Guarantees and SME ecosystems”. This Symposium will delve into the role of DPI in fast-pacing financial inclusion of MSMEs.

During the upcoming two days, GPFI members will engage in discussions related to various GPFI initiatives. These discussions will cover the implementation of the G20 GPFI High-Level Principles for Digital Financial Inclusion, updates on National Remittance Plans, and the sharing of best practices and innovative approaches aimed at addressing common challenges in SME financing.

A Symposium on “Advancing Financial Inclusion through Digital Public Infrastructure: Empowering Consumers through Digital and Financial Literacy and Consumer Protection” will also be held on September 16, 2023 as part of the GPFI Meeting.

Previously, the G20 Global Partnership for Financial Inclusion meeting under India’s G20 Presidency was held in Bali from June 24 to 26, 2023.

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Last updated on: 19th July 2024