The OECD has released a foundational policy paper Supporting financial access and inclusion through quality financial products detailing the implementation of G20/OECD High-Level Principles on Financial Consumer Protection, specifically focusing on Access and Inclusion (Principle 3) and Quality Financial Products (Principle 8).
The paper highlights that while digitalization—including mobile money, AI, and open finance—has significantly expanded financial access, it must be balanced against risks like digital exclusion and algorithmic bias. A central challenge identified is the “financial inclusion trilemma,” which balances profitability, universal access, and fair terms for low-income consumers. To address this, the OECD advocates for evidence-based national strategies that move beyond mere disclosure toward robust product governance and oversight, ensuring that financial products offer fair value and actively contribute to the financial well-being of all consumers, especially the most vulnerable.
Key Pillars of the Financial Inclusion & Quality Framework
Regulated Financial Access: Providing affordable, regulated products like basic bank accounts and mobile money to prevent exclusion during financial hardship.
Consumer-Centric Product Governance: Shifting focus from simple disclosure to mandatory oversight of product design and distribution suitability.
Inclusive Digitalization: Leveraging AI and open finance while maintaining traditional cash access for those with low digital literacy.
Vulnerability-Responsive Policies: Implementing debt counseling and hardship policies to ensure vulnerable consumers remain within the formal financial system.
Evidence-Based Literacy Strategies: Developing national frameworks that link financial literacy with consumer protection and inclusion objectives.
What is the “Financial Inclusion Trilemma”? The financial inclusion trilemma is a policy challenge where regulators must simultaneously balance three competing objectives: achieving universal access for all citizens, ensuring the commercial profitability (and thus sustainability) of financial service providers, and maintaining fair, affordable terms of service for consumers. Achieving all three at once is difficult, as universal access for high-risk, low-income populations often conflicts with profitability. The OECD recommends addressing this through public-private partnerships and innovative digital infrastructure—such as India’s UPI—to lower transaction costs while maintaining high quality and consumer safety standards.
Policy Relevance
For India, the OECD framework represents a transition from “Account Opening” to “Active Financial Well-being,” where the success of Jan Dhan Yojana (PMJDY) is built upon with higher-quality digital services.
Standardizing “Quality” Digital Credit: Adopting the “Product Governance” pillar can help Indian regulators like the RBI and SEBI manage the rapid growth of digital lending, preventing over-indebtedness among first-time borrowers.
Bypassing the Digital Divide: The paper’s emphasis on maintaining traditional cash access supports India’s strategy of using “Business Correspondents” and post offices to serve those with low digital literacy.
Operationalizing Infrastructure Partnerships: The success of the Unified Payments Interface (UPI) is cited as a leading global example of how public-private partnerships can solve the “Trilemma” by lowering access costs.
Federal Hardship Protections: Incorporating debt counseling and inclusive products into the national strategy ensures that the millions of PMJDY account holders remain resilient against economic shocks.
Implementation Fidelity via BRSR: Aligning consumer protection with Business Responsibility and Sustainability Reporting (BRSR) ensures that Indian banks are held accountable for the “fair value” of the products they distribute to vulnerable segments.
Follow the full report here: OECD: Supporting Financial Access and Inclusion through Quality Financial Products 2026
