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ABU DHABI, 7th March, 2023 (WAM) — The United Arab Emirates participated in the second meeting of the Global Partnership for Financial Inclusion, GPFI, under the G20 financial track in 2023. The meeting was held on March 6-7 in Hyderabad, India, which holds the G20 presidency.
The purpose of the meeting was to discuss the progress made on the GPFI’s work program and the priority areas outlined by the group for 2023. A 2023 Financial Inclusion Action Plan, which will guide the group’s work for the next three years, was also discussed.
The UAE delegation consisted of Mariam Al Hajri, Deputy Director-General, General Budget Department, Ministry of Finance, and Faiza Al Awadi, Director-General, Financial Consumer Protection Division, Consumer Protection Division, Central Bank of the UAE. G20 members, invited countries, GPFI member countries, and international organizations such as the World Bank and the International Monetary Fund (IMF) also participated in the meeting.
On the first day of the conference, the UAE delegation participated in the Payments and Remittances Digital Innovation Workshop, where they discussed the latest developments in innovative digital payment systems and how they can promote financial inclusion and increase productivity.
During the GPFI meeting, the UAE team supported the direction of the GPFI in exploring the role of digital public infrastructure in advancing financial inclusion. The team also highlighted the need to address barriers to deploying digital public infrastructure to facilitate financial inclusion.
In discussions related to the Financial Inclusion Action Plan 2023, the UAE team highlighted the importance of access to and availability of high-quality financial products and services as a key pillar to be targeted by the upcoming plan.
GPFI members also discussed proposals to promote the role of digital public infrastructure in promoting financial inclusion and productivity, ways to enhance access to finance for micro, small and medium enterprises (SMEs), data harmonization, and showcased best practices in digital remittances, To reduce remittance costs.
Finally, members agreed to share progress on GPFI deliverables at the next meeting of Finance Ministers and Central Bank Governors in April.
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