The G20 (Group of Twenty) Financial Inclusion Action Plan (FIAP) is considered to be the vital steering mechanism for financial inclusion (FI). The Global Partnership for Financial Inclusion (GPFI) with its 4 Subgroups (SME finance—with Germany and Turkey as co-chairs—, Regulation & Standard Setting Bodies—with India, Indonesia, and the United Kingdom as co-chairs—, Financial Consumer Protection and Financial Literacy (with China, United States, and Russia as co-chairs, and India a participating G20 country), and Markets and Payment Systems—with Australia and Mexico as co-chairs) performs its activities in respect to the G20 FIAP.
The latest such drafted guiding document is the 2017 G20 FIAP. Prior to this, the preceding editions were in 2010 and 2014. The G20 FIAP makes available the crucial recommendations for G20 nations and others in their endeavours to increase accessible, effective, and secured financial services to the over 2 billion people (excluded from formal financial system) globally.
Reflecting the dynamic priorities and propositions of the GPFI, the 2017 G20 FIAP has witnessed 193 countries at the UN adopt the and recognise the 2030 Agenda for Sustainable Development—an agreement acknowledging the central position of financial inclusion in meeting various objectives, viz. poverty reduction, gender biases, hunger, and developing economic growth.
With the focus set on strengthening the condition of the vulnerable (elderly population, forcibly displaced persons, and migrants) and the underserved (poor, youth, women, and population of remote rural areas) the 2017 G20 FIAP places in centrality resorting to financial services and using it as a tool to ensure sustainable inclusion.
The 2017 G20 FIAP has a continuous focus placed on digital innovation and has also emphasised on mainstreaming FI in the development agenda of the financial sector. The 2017 G20 FIAP has supported the implementation of the Sustainable Development Goals (SDGs) that are applicable to FI.