This second whitepaper from GPFI builds on the considerable progress in recent years in integrating financial inclusion into the work of global standard-setting bodies (SSBs) and looks forward, examining new challenges in the changing landscape of the digitization of financial services.
In just the few years since the October 2011 GPFI White Paper, Standard-Setting and Financial Inclusion for the Poor—Toward Proportionate Standards and Guidance, recognition has grown as to the impact of the global financial sector standard-setting bodies (SSBs) on who gets access to what range and quality of formal financial services and at what cost. During this period, the SSBs have acted on most of the observations and recommendations in the first GPFI White Paper. There is still far to go, but the advances are noteworthy. Appreciation has also grown as to the important role that digitization of financial services plays in reaching financially excluded and underserved customers, and the implications of this development for the SSBs.
This second GPFI White Paper, Global Standard-Setting Bodies and Financial Inclusion: The Evolving Landscape, aims to raise awareness of the changing landscape, to inform ongoing work by the SSBs and other global bodies, and to promote the integration of financial inclusion objectives into standards and guidance that can be applied effectively at the country level. The audiences include the SSBs and other relevant global bodies, country-level policymakers who apply SSB standards and guidance, assessors of country-level implementation of SSB standards and guidance, industry actors, and development professionals.