Publication: G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure: Global Partnership for Financial Inclusion 2023
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2023-10-03
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2023-10-03
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This report was developed by the Global Partnership for Financial Inclusion (GPFI) under the G20 India Presidency. Powered by digital financial services (DFS), there has been progress globally on financial inclusion, but several challenges remain. In the rapidly evolving DFS landscape and against the backdrop of widespread digital transformation across sectors, digital public infrastructure (DPI) has the potential to help countries leapfrog their digital transformation. DPI, generally understood as interoperable, open, and inclusive systems supported by technology to provide essential, society-wide, public, and private services, can play a critical role in accelerating this digital transformation in an inclusive way. DPIs can have a multiplier effect on the gains achievable through DFS by accelerating financial inclusion and closing the existing gaps. DPIs are similar to other digital and financial infrastructures but, depending on country context, can differ on account of DPIs being foundational and cross-cutting while also having an emphasis on serving key public policy objectives. DPIs can be combined to unlock even more innovation and extend further benefits to users and the market. The policy recommendations presented in this report are indicative, voluntary, and nonbinding and seek to complement the existing guidance. The policy recommendations are grouped around five key dimensions that collectively seek to ensure that DPIs adhere to a basic set of principles for achieving the following: (i) enabling and fostering the use of DPIs in accelerating financial inclusion; (ii) fostering well-designed DPIs and the enabling environment; (iii) implementing appropriate regulation, supervision, and oversight; (iv) ensuring sound and effective institutional and governance arrangements by DPIs; and (v) protecting customers and leaving no one behind.
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“World Bank. 2023. G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure: Global Partnership for Financial Inclusion 2023. © World Bank. http://hdl.handle.net/10986/40421 License: CC BY-NC 3.0 IGO.”
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