G20 Summit: Leaders call for financial inclusion through further access to services

Thursday, November 26, 2015
During their Summit on the 15-16 November 2015, the G20 Leaders released a communiqué which emphasised promoting inclusiveness, sustainability and boosting investments for the implementation of their past commitments and future actions. In their work on key areas of sustainable development, they have committed to focusing on the needs of small-holder farmers, rural women and youth. They acknowledged the important role of the private sector in development and poverty eradication and highlighted their commitment to reduce global costs of transferring remittances to 5% with a view to align with the Sustainable Deverlopment Goals (SDGs) and the Addis Ababa Action Agenda.
 
The G20 Leaders welcomed the work on financial inclusion within the Global Partnership for Financial Inclusion (GPFI) and called for the promotion of financial inclusion by supporting the opening of access to payments, savings, credit and other services. 
 
In the elaboration of their future actions, the G20 Leaders also agreed to pay special attention to global health risks, infectious disease threats and weak health systems because they significantly impact growth and stability.
 
The Microinsurance Network is an affiliate member of the GPFI, an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to undertake work on financial inclusion, including the implementation of the Financial Inclusion Action Plan, endorsed at the G20 Summit in Seoul in 2010.
 
The Microinsurance Network contributes to the work of the GPFI Subgroup on Financial Consumer Protection and Financial Literacy and the Subgroup on SME Finance. In 2015, the Microinsurance Network, along with IAIS, provided input to the development of a white paper on “Global Standard-Setting Bodies and Financial Inclusion for the Poor” making sure microinsurance is included as part of the financial inclusion agenda. 
 
In 2015, the Network participated in two GPFI meetings hosted by the Turkish Government. The next meetings will take place in China. China confirmed that the Network will remain an affiliate member of the GPFI in 2016.