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The UAE participated in the first Global Partnership for Financial Inclusion (GPFI) group meeting within the G20 Finance Track for 2022, which was held virtually on 3 and 4 February 2022. The meeting discussed the 2022 annual plan for the group while seeking countries’ feedback on the proposed focus areas and next steps.The UAE delegation that participated in the meeting – which was held for the first time under G20 Indonesian Presidency – included Thuraiya Alhashmi, Projects Manager at MoF, and Faiza Alawazi, Director of Complaints Management at the Central Bank of the UAE, along with G20 members, invited countries, GPFI country members and representatives from international organisations.The members discussed the proposed general direction of the GPFI group, including the suggested 2022 work plan and reports under the Financial Inclusion action plan provided in the current year, and stressed the importance of advancing the access and affordability of digital financial services to underserved and vulnerable groups. Furthermore, in light of the rise of digital financial services, members reiterated the importance of raising awareness on those services through launching programs and financial education initiatives.The members also addressed SMEs’ challenges in seeking financing, while agreeing to continue building on previous deliverables to ensure SMEs’ access to sustainable finance. Additionally, challenges and opportunities related to the rise of digitization and how to address those through the High Level Principles on Financial Consumer Protection were also discussed.The UAE team discussed the importance of international organisations in updating digital systems to enhance access to financial inclusion data effectively and practically. The team also stressed the importance of providing modern techniques to facilitate access to private databases and employ them in the formulation of policies and legislations that enhance financial inclusion, and reiterated the importance of providing programs to support countries with less legislative and regulatory capabilities in supporting the process of financial inclusion. They also touched on the importance of preparing detailed frameworks by the group and the international organisations, to strengthen countries’ institutional work in implementing the group’s goals. At the end of the meeting, the participating members and international organisations agreed on the G20 work plan for the year 2022; and progress in this regard will be deliberated at the group’s next meeting.
