FINANCIAL INCLUSION IS A HOT TOPIC AMONG POLICY MAKERS RIGHT NOW. THERE IS TREMENDOUS SUPPORT TO BRING THE WORLDS 2 BILLION UN-BANKED PEOPLE INTO THE FORMAL FINANCIAL SYSTEM. 2 BILLION PEOPLE DO NOT USE FORMAL FINANCIAL SERVICES AND ABOUT 50% OF ADULTS FROM THE POOREST HOUSE HOLDS ARE UN BANKED. THIS IS A HUGE PROBLEM.
FINANCIAL INCLUSION IS A KEY ENABLER TO REDUCING POVERTY AND BOOSTING PROSPERITY.
HERE IS A GOOD VIDEO FOR YOU TO WATCH AND GET AN IDEA WHAT WE’RE TALKING ABOUT. BUT FIRST YOU SHOULD UNDERSTAND WHO AND WHAT FINTECH IS.
Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.
Financial inclusion has emerged as a critical development challenge.
Fintech innovation and successes from emerging countries and the private sector show tangible progress toward Universal Financial Access 2020.
Join us LIVE to hear about emerging countries’ innovative approaches toward financial inclusion and learn how countries can manage de-risking.
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Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Access to a transaction account is a first step toward broader financial inclusion since it allows people to store money, and send and receive payments. A transaction account can also serve as a gateway to other financial services, which is why ensuring that people worldwide can have access to a transaction account is the focus of the World Bank Group’s Universal Financial Access 2020 initiative.
Financial access facilitates day-to-day living, and helps families and businesses plan for everything from long-term goals to unexpected emergencies. As accountholders, people are more likely to use other financial services, such as credit and insurance, to start and expand businesses, invest in education or health, manage risk, and weather financial shocks, which can improve the overall quality of their lives.
While there has been progress toward financial inclusion, significant challenges remain:
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