Microinsurance put on the agenda at G20 GPFI meeting

Friday, June 5, 2015
This week the Microinsurance Network’s Executive Director Véronique Faber represented the Network at the G20 Global Partnership for Financial Inclusion (GPFI) meeting and at a related workshop on financing entrepreneurship-innovative solutions, organised with the SME Finance Forum and CapitalPlus Exchange in Izmir, Turkey. The Network has been an affiliate member of the subgroup on “Financial Consumer Protection and Financial Literacy” and “SME Finance” under the Turkish presidency.
 
At the GPFI meeting, around 30 representatives from the G20, the implementing partners the World Bank Group, Better Than Cash Alliance, CGAP, SME Finance Forum, IFAD, OECD, AFI and three affiliate members WWB, CYFI and the Microinsurance Network shared updates on the work of the sub-groups, where Véronique Faber promoted the Network’s activities on consumer protection and data collection, and the important role of insurance in financial inclusion. 
 
The meeting followed a two-day workshop where almost 180 participants, consisting of representatives from the G20, entrepreneurs, Fintechs and SME experts, came together to devise recommendations on SME finance for the G20 countries. Here, participants agreed that the key SME focus for G20 countries should be on complimentary non-financial services, alternative collaterals and private sector engagement. The case was strongly made that that whilst SMEs need finance, there is a real need for more access to networks and information. Echoing those heard in the microinsurance sector, many discussions touched on the need for efficient public private partnerships and more enabling regulation. Disappointingly, there was little talk of insurance when discussing the need for comprehensive ecosystems to tackle funding and growth issues around SMEs. 
 
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