SME Finance: Fourth G20 GPFI Meet To Be Held In Mumbai on Sept 14–16

Under the last leg of India’s G20 presidency, the Fourth Global Partnership for Financial Inclusion (GPFI) Meeting will be held in Mumbai from September 14–16. 

The ongoing work regarding the financial inclusion agenda under G20 India Presidency in areas of Digital Financial Inclusion and SME Finance will be discussed in the meeting tomorrow.

Over 50 delegates from G20 member countries, special invitee countries, and International Organisations (IOs) will participate in the event.

Ahead of the meeting, a Symposium on the role of Digital Public Infrastructure (DPI) in fast-pacing financial inclusion of MSMEs will take place tomorrow.

There will be panel discussions between global experts around two key themes 'Energizing MSMEs for Higher Economic Growth through Digital Public Infrastructure' and 'Credit Guarantees and SME ecosystems'.

The G20 GPFI High-Level Principles for Digital Financial Inclusion, update of National Remittance Plans, SME best practices, and innovative instruments to overcome common constraints in SME Financing will all be discussed by the GPFI members over the course of the following two days.

A Symposium on 'Advancing Financial Inclusion through Digital Public Infrastructure: Empowering Consumers through Digital and Financial Literacy and Consumer Protection' will also be held on September 16 as part of the GPFI Meeting.

The delegates attending the 4^th GPFI Working Group meeting will also visit the Kanheri Caves in Mumbai.

The 2023 update on progress towards the G20 remittance target was well received by world leaders in attendance at the G20 summit in New Delhi on September 9-10, and they also supported the regulatory toolkit for enhanced digital financial inclusion of MSMEs. Additionally, they had supported the Financial Inclusion Action Plan (FIAP) for 2023, which offered a proactive and long-term strategy for accelerating the financial inclusion of MSMEs and individuals, particularly vulnerable and underserved groups in the G20 countries and beyond.

The Delhi Charter had endorsed the voluntary and nonbinding G20 policy recommendations for advancing financial inclusion and productivity gains through DPIs, noting the significant role of DPI in aiding to advance financial inclusion in support of inclusive growth and sustainable development.