Financial Inclusion has been identified as an enabler for 7 of the 17 Sustainable Development Goals.

The world bank group considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity.

Source- World Bank Group

What is Financial Inclusion?

According to the World bank Group, 1.7 billion people are unbanked. In other words, they have no access whatsoever to financial services. (Source- World Bank Group)

This denies them the tools they need to increase their earnings, ensure their survival, and deal with emergencies.

Financial services can assist millions of individuals in developing nations escape poverty each year and make a lasting difference in their lives.

Daily life is made easier by having access to money, which also helps families and businesses prepare for everything from long-term goals to unexpected emergencies. Having access to a transaction account is the first step toward greater financial inclusion because it enables people to keep money and send and receive payments.

A transaction account acts as a doorway to other financial services.

Account holders are more likely to use additional financial services like credit and insurance to launch and grow enterprises, invest in their health and/or education, manage risk, and recover from financial setbacks, all of which can enhance their overall quality of life.

Microfinance – An Introduction

Microfinance can be defined as provision of access to capital and financial services in low-income economies.

Microfinance is offered both to businesses and individuals in the form of credit, savings, remittances, payment services, insurance and other basic financial products.

Of all the people living in poverty worldwide, approximately 500 million are estimated to constitute the economically active poor, who are trying to improve their income through microbusinesses and accordingly have a need for loans and other financial services.

From microloans to microentrepreneurs

It is all about the empowerment of people, all about making a commercial investment in a huge, promising market with entrepreneurial bottom-up dynamics.

Poverty can be alleviated if economically poor people are given opportunities. Millions of individual cases show the powerful energies that can be set free if access to credit, know-how and markets is assured.

The financing barrier is not only faced by individuals. Today, access to finance is still by far the largest obstacle to growth for micro, small and medium-sized enterprises (SMEs), particularly in low- and middle-income markets. Those companies are key to creating a bottom-up dynamic development by creating millions of jobs

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