Financial Inclusion for Sustainable Development

Encourages the use of digital financial technologies and services which have gained further importance during the pandemic and have allowed many households and micro-, small and medium-sized enterprises to access financial services despite lockdowns and social distancing; considers that digital financial inclusion is associated with higher gross domestic product growth and that the adoption of digital payments is consistent with the notion that financial technologies may contribute to growth and sustainable development and thus play an important role in mitigating the economic impact of the COVID-19 pandemic and support the recovery; promotes financial innovation and its role in enhancing financial inclusion and fostering more inclusive and equitable access to the benefits of the emerging digital economy; acknowledges the needs of the poorest and of the people in the most vulnerable situations, while acknowledging the importance of more inclusive and equitable access to the benefits of the emerging digital economy, providing for an open, fair and non-discriminatory business environment; and encourages multi-stakeholder partnerships, as appropriate, at the local, regional and international levels in order to allow for an exchange of experiences, promote peer learning in this area and further enhance capacity-building, access to finance and support of micro-, small and medium-sized enterprises, including those owned and operated by women;

Invites further use of digital financial technologies in the delivery of financial services in an efficient, effective, quick, affordable and secure manner, so that they can benefit micro-, small and medium-sized enterprises and people, including the poorest and most vulnerable, who are affected disproportionately by the pandemic, geopolitical tensions and conflicts and multiple crises, in turn allowing Governments to expand the reach of their emergency responses to those in the informal sector and those who do not have access to bank accounts, while functioning as an enabler of the Sustainable Development Goals, including eradicating poverty, bridging inequality gaps, creating jobs and promoting gender equality and the empowerment of women and girls, and in that regard calls for the strengthening of digital skills and digital financial infrastructure to promote a sustainable, inclusive and resilient recovery;

Encourages the international community, including Member States, and all relevant stakeholders, including the entities of the United Nations system, international financial institutions, other intergovernmental bodies, regional and national development banks, domestic financial institutions, credit unions, multi-stakeholder partnerships and relevant non-governmental organizations, as appropriate, to further develop financial literacy and financial education programmes that include an emphasis on the impact of finance on sustainable development, as appropriate, to ensure that all learners acquire the knowledge and skills needed to access financial services, in particular women and girls, Indigenous Peoples, farmers and those working in micro-, small and medium-sized enterprises;

Encourages Member States and all relevant stakeholders, as appropriate, in the context of a renewed and strengthened Global Partnership for Sustainable Development, led by Governments, to further efforts to reduce the transaction costs of migrant remittances to less than 3 per cent by 2030 and eliminate remittance corridors with costs higher than 5 per cent by 2030, considering that that the global average was about 6.3 per cent in the third quarter of 2022, which has remained unchanged in the past five to six years, to support national authorities in addressing the most significant obstacles to the continued flow of remittances, such as the trend of banks withdrawing services, and to work towards expanding access to and the volume of remittances through regulated and transparent channels, and in this regard highlights the potential of financial technology services to offer alternative channels and reduce remittance costs;