IRED.ORG

This weekend's announcement by the Group of 20 (G20) Leaders that they have developed a set of "Principles for Innovative Financial Inclusion" that will support efforts to accelerate the delivery of financial services to the poor using innovative approaches is welcome news.

The nine principles developed by the G20 Leaders emphasize, among other factors, the need for strong leadership, product diversity, proper incentives for financial institutions, and sound consumer protection in innovating for financial inclusion.

CGAP served as a technical expert to the G20 team that worked on the principles, drawing on lessons learned from more than four years of work under the Technology Program at CGAP as well as responses to a survey conducted by the Alliance for Financial Inclusion and input from a diverse array of development organizations, standard setting bodies, and private sector groups. You can read more about the principles on our Web site, including the full report, and CGAP's diagnostic assessments from countries leading in financial innovation, one of the inputs into developing the principles.

The next step, in the months leading up to the next G20 Leaders Summit in Seoul, Korea in November, will be to formulate concrete actions policy makers, standard setting bodies and the private sector can take, in G20 countries and non-G20 countries alike, toward implementing the principles to deliver financial services to those currently denied them.

CGAP
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