Amid the flurry of news coming out of Toronto, you’d be forgiven for missing this important development:
The G20 Leadership Summit in Toronto this past weekend highlighted the importance of the work being done by the G20’s Financial Inclusion Experts Group (FIEG). The group released nine “Principles for Innovative Financial Inclusion” formed through the efforts of the Access through Innovation Sub-Group (ATISG). “We have developed a set of principles for innovative financial inclusion, which will form the basis of a concrete and pragmatic action plan for improving access to financial services amongst the poor. This action plan will be released at the Seoul Summit,” the Toronto declaration said.
Read the nine principles here and over on the Microfinance Gateway you’ll find the Principles and report from the Access through Innovation Sub-Group of the G20 Financial Inclusion Experts Group.
Want the backstory? Check out an interview I did in March with Paul Flanagan, co-chair of the G-20 Financial Inclusion Experts Group and General Manager, International Finance Division, Australian Treasury: “The G-20 eyes financial inclusion using mobile phones, other ICTs.”
Financial inclusion is primary to remain human in a highly mechanized market economy and all members of the world community should make inclusion mandatory for membership.