To overcome this, the G20 Presidency, along with the Global Partnership for Financial Inclusion (GPFI) and key partners, need to focus on policies to integrate supply in the financial sector with the demand
Badung, Bali (ANTARA) - Governor of Bank Indonesia (BI) Perry Warjiyo reminded all members of the G20 to address the risks of financial exclusion, especially for vulnerable and underserved groups.

"To overcome this, the G20 Presidency, along with the Global Partnership for Financial Inclusion (GPFI) and key partners, need to focus on policies to integrate supply in the financial sector with the demand," Warjiyo stated at the opening of the second day of the Third Finance Ministers and Central Bank Governors (3rd FMCBG) G20 2022 meeting here on Saturday.

He explained that this step was taken to formulate a framework to encourage economic and financial inclusion for Micro, Small and Medium Enterprises (MSMEs), women, and youth by utilizing digitalization and striking a balance between innovation and risk.


Related news: Expect digital currency to stoke capital market growth: BI

The framework will be built on the basis of results of the 2022 G20 Financial Inclusion Action Plan (FIAP).

The European Commission noted that financial exclusion is a process wherein people encounter difficulties in accessing and/or using financial services and products in the general market that suit their needs.

As a result, the people cannot live a social life in society. It is the opposite of financial inclusion.

In the financial inclusion agenda of Indonesia's G20 Presidency, Warjiyo said that accelerating MSME access to financing through digital financial services will encourage inclusive recovery and sustainable growth.

Related news: Inflation in developing nations becomes serious problem: BI Governor


"Hence, we want to hear the views of all G20 members on the main issues in advancing the financial inclusion agenda, including how to strengthen digital financial literacy," he remarked.

The G20 is an international forum comprising 19 countries and the European Union that work together to handle major issues. Indonesia has assumed the G20 Presidency this year.


Related news: Cost of mitigating extreme weather could reach 40% of GDP: BI

Related news: Cross-border payments still posing challenge: BI

Translator: Katriana
Editor: Fardah Assegaf
Copyright © ANTARA 2022