The apex also approves of the G20’s endorsement of the G20 Menu of Policy Options focused on digital financial literacy and financial consumer protection and the risk-based approach of the Financial Action Task Force aimed at promoting financial inclusion.
The G20 leaders also expressed their support for the G20 2020 Financial Inclusion Action Plan, which highlights the need to “provide an enabling and proportionate legal and regulatory framework for digital financial inclusion”.
Ensuring that credit unions benefit from a proportional legal and regulatory framework has been a key advocacy issue for Woccu, which has been advocating for proportionality in front of the G20 throughput the year.
“We welcome the G20’s focus on financial inclusion and a risk-based approach to regulations,” said Andrew Price, Woccu’s senior vice president of international advocacy and general counsel.
“This means support for proportionality, which is the key to allowing credit unions to significantly advance the G20’s goal of promoting financial inclusion by fostering responsible finance through increased access to affordable financial services offered by credit unions. Direction to the international standard setters to focus on financial inclusion and risk-based approaches are crucial to ensuring credit unions can fulfil their mission and play a key role in reducing inequalities around the world.”
Woccu plans to continue to engage with policymakers to ensure the ability of credit unions to play a crucial role in the global efforts to increase financial inclusion.