The G20 and Global Partnership for Financial Inclusion stand at an unprecedented time when our leadership has the potential to drive the growth of inclusive economies by promoting digital financial inclusion. Two billion adults globally do not have access to formal financial services and are excluded from opportunities to improve their lives. While tremendous gains in financial inclusion have already been achieved, digital financial services, together with effective supervision (which may be digitally enabled), are essential to close the remaining gaps in financial inclusion.
Digital technologies offer affordable ways for the financially excluded—the majority of whom are women— to save for school, make a payment, get a small business loan, send a remittance, or buy insurance. The 2010 G20 Principles for Innovative Financial Inclusion spurred initial efforts and policy actions. These 2016 High Level Principles for Digital Financial Inclusion build on that success by providing a basis for country action plans reflecting country context and national circumstances to leverage the huge potential offered by digital technologies
- Promote a Digital Approach to Financial Inclusion
- Balance Innovation and Risk to Achieve Digital Financial Inclusion
- Provide an Enabling and Proportionate Legal and Regulatory Framework for Digital Financial Inclusion
- Expand the Digital Financial Services Infrastructure Ecosystem
- Establish Responsible Digital Financial Practices to Protect Consumers
- Strengthen Digital and Financial Literacy and Awareness
- Facilitate Customer Identification for Digital Financial Services
- Track Digital Financial Inclusion Progress
These eight principles are based on the rich experience reflected in G20 and international standard-setting bodies’ standards and guidance. They also recognize the need to support innovation while managing risk and encouraging development of digital financial products and services.