Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable. An estimated 2.5 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. For example in Sub-Saharan Africa only 24% of adults have a bank account even though Africas formal financial sector has grown in the recent years. It is argued that as banking services are in the nature of public good; the availability of banking and payment services to the entire population without discrimination is the prime objective of financial inclusion public policy.
Read more about Financial Inclusion: Goals, The Alliance For Financial Inclusion, The United Nations and Financial Inclusion, Financial Inclusion in India, See Also
Famous quotes containing the words financial and/or inclusion:
“Because of these convictions, I made a personal decision in the 1964 Presidential campaign to make education a fundamental issue and to put it high on the nation’s agenda. I proposed to act on my belief that regardless of a family’s financial condition, education should be available to every child in the United States—as much education as he could absorb.”
—Lyndon Baines Johnson (1908–1973)
“Belonging to a group can provide the child with a variety of resources that an individual friendship often cannot—a sense of collective participation, experience with organizational roles, and group support in the enterprise of growing up. Groups also pose for the child some of the most acute problems of social life—of inclusion and exclusion, conformity and independence.”
—Zick Rubin (20th century)