The third and final meeting of the G20 Working Group for Financial Inclusion (Global Partnership for Financial Inclusion - GPFI) under the Indonesian Presidency took place in hybrid mode on 5 October. The group, led by Magda Bianco, Head of the Bank of Italy's Customer Protection and Financial Education Department, approved the ‘G20 Financial Inclusion Framework on Harnessing the Benefit of Digitalization, with the objective of boosting productivity and fostering a sustainable and inclusive economy for underserved (Yogyakarta Framework)’. The Framework will be sent to the Finance Ministers and Central Bank Governors, as well as to the Leaders of the G20 countries for their approval. The Framework summarizes the deliverables produced during the year by the GPFI Implementing Partners, which aim to give a concrete point of reference to the various countries on the actions to be taken to bridge the gaps and make the most of the opportunities of digitalization to increase productivity, sustainability and financial inclusion, especially of young people, women, and small and medium-sized enterprises.
Next year, the work of the GPFI will continue under the Indian Presidency. Magda Bianco will continue to lead the group for the completion of the objectives contained in the Financial Inclusion Action Plan, approved by the G20 countries in 2020 (FIAP 2020). The focus will always be on promoting financial inclusion, especially of the most vulnerable groups, by identifying principles and good practices that can provide valuable support for various countries in defining their policies. A self-assessment exercise will also be developed, which will help countries understand their strengths and weaknesses.
