WOCCU Applauds G20 Focus on Financial Inclusion

The G20 at the G20 Riyadh Summit in Saudi Arabia released its Leaders' Declaration with a notable focus on financial inclusion.  In particular the Declaration notes that mobilizing sustainable finance and strengthening financial inclusion are important for global growth and stability.  Further, .the G20 also  endorsed the G20 High-level Policy Guidelines on Digital Financial Inclusion for Youth, Women, and SMEs prepared by the Global Partnership for Financial Inclusion (GPFI) and welcomed the 2020 G20 Financial Inclusion Action Plan, which will guide the work of the GPFI for the next three years.

WOCCU welcomes this focus on financial inclusion noting that credit unions often play a critical role during a time of crisis, such as the COVID-19 pandemic and providing access to responsible affordable financial products is often necessary to help protect the most vulnerable segments of society.  WOCCU applauds the G20 recognition that enhancing access to opportunities for all and promoting inclusive growth will help reduce inequalities around the world.

Other items addressed by the Declaration of interest to credit unions include statements on the following topics:
  1. Payments;
  2. Too-Big-To-Fail;
  3. Libor;
  4. Financial Stability/Financial Inclusion;
  5. Climate Change;
  6. Digitization;
  7. COVID-19 Recovery;
  8. AML/CFT; and
  9. Women's Empowerment.
A copy of the G20 Leaders' Statement can be viewed here