Why financial inclusion is key to building an inclusive economy

Safe and affordable financial services are essential for enabling people to meet basic needs. But while access to financial services has been on the rise over the past decade, 1.4 billion people globally are still unbanked, meaning they don’t have an account at a formal financial institution.

Even when financial services are available, there may be barriers that prevent people from being able to make use of them. Innovation and inclusive design must go hand in hand with policymaking to ensure people and small businesses can benefit from such services. A national financial inclusion strategy is an effective tool that policymakers can use to coordinate collective action across public, private, and social sectors.

Watch the video to find out more about why financial inclusion matters for inclusive growth, what kinds of initiatives are making an impact, and what needs to be done to make financial health a reality for all.

Sponsored by Mastercard Center for Inclusive Growth and Aspen Institute.

[YerramRaju]

All the policy makers should think of the poor, act for their empowerment and enable them to participate in markets they have scope to promote.