What is financial inclusion?
Around the world, only a fraction of those who need financial services are able to access them. Financial Inclusion encompasses the provision of small or very small loans, savings accounts and other financial services to excluded parties, such as microenterprises and individuals, in emerging and developed economies. Financial services such as these are key in accessing many other essential needs and services in the formal economy, including health care, education and nutritional food. Access to financial services is therefore an effective way of empowering people and makes an important contribution to fighting poverty and achieving the United Nation’s Sustainable Development Goals (SDGs). Financial Inclusion can be reached through microfinance organizations as well as fintechs, mobile operators and other actors.