G20 Development Working Group Submissions
Alignment with Core G20 and DWG Mandate
Whilst work around the data is technical, it may have
important ramifications in terms of better equipping
policy-makers in order to develop specific and
targeted policy measures to advance financial
inclusion. Work on data contributes to the G20's
broader objectives of financial inclusion and in turn
to economic growth and poverty reduction.
COMMITMENT 36: Adopt the G20 Financial
Inclusion Action Plan, including by strengthening
and expanding data availability for measuring
financial inclusion
Implementation
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The objective of this work is to develop a set of
financial inclusion indicators based on data already
available through robust ongoing data surveys or
data which could be obtained relatively easily (e.g.
from the AFI, IMF). Both individuals and enterprises
are considered in the development of the set of
indicators, but with particular emphasis on lower-
income individuals and smaller SMEs. It is intended
that the results can be widely used and tailored to
different types of country-specific policy needs.
To this end, the indicators had to be broken down
further to focus on women, young adults and certain
income categories.
The first phase in this work was to develop a Basic Set
of Indicators to cover the core financial services of
savings accounts and credits, and outreach through
branches. The second phase, currently underway,
is to expand the coverage of the Basic Set to include
a complete set of G20 financial inclusion indicators
covering all basic products, the appropriate use of
these products, physical as well as electronic and
mobile reach, with indicators also reflecting the
state of financial literacy and consumer protection.
In addition, policy documents - Financial Inclusion
Data: Assessing the Landscape and Country-level
Target Approaches and Financial Inclusion Target-
Setting Assessment: Findings and Recommended
Approach (Phase 1) - have been produced, which
contribute to wider work on financial inclusion
around the world.
Lessons Learned across Financial Inclusion Pillar
On data, it is important that the endorsed
indicators should be obtained from and rely
on existing data sources that contain the
following features: (1) statistical robustness and
strong methodology supported by established
institutions; (2) wide coverage of countries
(i.e. not limited to a few studies, coverage has
to reflect a significant share of the world); (3)
continuity (the source cannot be a one-off data
study, but a continuous, frequent survey that will
allow for a historical trend analysis).
On SSBs, the challenges of applying
international standards and guidance to
countries with limited institutional capacity are
increasingly recognized. It is important to do
more in such contexts to support appropriate,
proportionate and effective country-level
implementation. The principal global SSBs have
by now appropriately aimed for flexibility to be
applied across a wide range of country contexts.
But their advisory guidance has yet to be
consistently reflected in widely varying situations
with country-level policy-makers, regulators and
supervisors, and in specific challenges faced by
countries with higher current levels of financial
exclusion and lower levels of regulatory and
supervisory capacity.
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