The G20 recognizes data and measurement as an essential foundation from which to move its initiative forward in improving financial inclusion at a global level. As the importance of financial inclusion has gained momentum, so has interest in better data at both the global and national level with the existence of multiple data sources that can be leveraged. A number of international data initiatives are compiling financial inclusion related data while a handful of countries have also developed high quality statistics at the national level. However, more progress can and must be made, notably in increasing the availability and quality of data, harmonizing definitions and approaches for data collection, expanding the scope of collection to include all dimensions of inclusion, resolving aggregation challenges, and ensuring better comparability of data.
To bridge the data gaps, the G20 has created a Sub-Group on Data and Measurement sub-group within the GPFI structure. The overall goal of the sub-group is to improve the quantity and quality of measurement and data on financial inclusion (of households/individuals and MSME).
The activities of the group focus on consolidating and harmonizing data gathering activities, developing a common understanding on the measurement framework and methodology and determining the key top line indicators to track at the country and global level, supporting the development of new indicators, and supporting countries’ national data collection and target setting activities.
The sub-group builds upon on the work already developed by the pre-existing G20 SME Finance Data working group and the existing AFI's Financial Inclusion Data Working Group (FIDWG) and covers both individual/household and SME finance. This sub-group is composed of institutions, and other entities and representatives that are well-positioned to contribute to the goal of improving financial inclusion data and measurement in developing countries, particularly in non-G20 countries, where the deficiencies in both data as well as financial access for the poor are the greatest.
The primary objectives of the Sub-Group are to: