Financial Inclusion: Bridging Economic Opportunities 

  • 31st Aug'20
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Access to financial services as part of the development system is an increasingly significant element of work and the fund’s advice, research, and technical assistance in every region.

 

About two billion people worldwide currently lack access to basic financial services. As most of them are poor and many of the countries have taken great strides extending financial services in recent years.

 

The availability of financial services opens doors for families, allowing them to smooth out consumption and invest in their futures through education and health. As the benefits of financial inclusion and inclusive growth are establishing with time. Access to credit allows businesses to expand, creating jobs, and curtailing inequality. Financial inclusion is the bridge between economic opportunity and outcome.

 

What is Financial Inclusion

 

Financial inclusion is referred to as the availability and equality of opportunities to avail financial services. It involves a process by which individuals and businesses can access appropriate, reasonable, and timely financial products and services. It comprises of banking, loan, equity, and insurance products.

 

To understand more about financial inclusion visit the links below.

 

Financial inclusion overview:

https://www.worldbank.org/en/topic/financialinclusion/overview

 

Financial inclusion in India:

https://www.bankbazaar.com/personal-loan/financial-inclusion.html

 

Financial inclusion and foreign bank:

https://www.researchgate.net/publication/322780433_Foreign_Banks_and_Financial_Inclusion_in_Emerging_and_Developing_Economies_An_Empirical_Investigation_Foreign_Banks_and_Financial_Inclusion

 

Future of financial inclusion:

https://teknospire.com/financial-inclusion-coming-years/

 

National strategy for financial inclusion:

https://www.prsindia.org/policy/report-summaries/national-strategy-financial-inclusion

 

Financial Inclusion Technology 

 

The idea behind financial inclusion is to promote innovation for the cost-effective liberation of financial products with the help of technology. It enables the poor to stabilize their income and build productive assets. Financial Inclusion promotes competition and helps to provide market-based incentives delivery for sustainable financial access.

 

Read the links to know all about financial inclusion technology.

 

Technology driving financial inclusion:

https://www.worldfinance.com/banking/how-financial-technology-is-driving-financial-inclusion-around-the-world

 

Technology can and can’t do for financial inclusion:

https://www.centerforfinancialinclusion.org/what-technology-can-and-cant-do-for-financial-inclusion

 

Role of technology in financial inclusion:

https://www.thehindu.com/business/Industry/Major-role-of-technology-in-financial-inclusion/article13738417.ece

 

The relation between financial inclusion and technology:

https://www.sciencedirect.com/science/article/pii/B9780128141649000104

 

Technological innovation:

https://www.marketlinks.org/good-practice-center/inclusive-financial-systems/technology-innovations-financial-inclusion

 

Financial inclusion technology:

https://blog.goodaudience.com/financial-inclusion-technology-a21de5deb25a?gi=330be575f8dd

 

Financial Inclusion Benefits

 

Financial inclusion comes with several benefits and inclusive growth is clearly established. It helps individuals to make day-to-day payments reliably. It allows them to access credit which can be invested in their small-scale income-generating actions. It also helps people redeem their cash so that they can make future investments or respond to unforeseeable risks.

 

Here are some links which will guide you with all sorts of financial inclusion benefits. Read them to know more.

 

Importance of financial inclusion:

https://medium.com/swlh/financial-inclusion-and-why-it-is-important-e80e1abbdfec

 

Exploring the benefits of financial literacy:

https://medium.com/@SustainableDFS/getting-financial-inclusion-right-exploring-the-benefits-of-financial-literacy-ae883ea68b97

 

Financial including good for banks:

https://www.thehindubusinessline.com/opinion/financial-inclusion-is-good-for-banks-too/article22225124.ece1

 

5 reasons why financial inclusion matters:

https://finca.org/blogs/financial-inclusion-matters/

 

Challenges to financial inclusion:

https://www.intelligenthq.com/5-challenges-to-financial-inclusion/

 

 

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Contributor: Sareen Yasmin 

Her passion includes creative writing, reading, and playing around words. She is looking forward to bringing some change with the power of pen and thoughts. Mic and pen are her best friends.

 

 

 

Sources/References:

*Note: The content published above was made in collaboration with members of Open Growth.

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