Financial Inclusion: Bridging Economic Opportunities

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.

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 clearly 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.

 

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 banking, loan, equity, and insurance products.

To understand more about financial inclusion visit the links below.

Financial inclusion overview:

Financial inclusion is key in boosting prosperity. To know more, Click here

Financial inclusion in India:

To read all about financial inclusion, Click here

Financial inclusion and foreign bank:

Here’s an Empirical Investigation into foreign banks and financial inclusion - Click here

Future of financial inclusion:

To know how financial inclusion will be like for years to come, Click here

National strategy for financial inclusion:

To read the committee report on the National Strategy for Financial Inclusion, Click here


 

Must Read: Don’t mess up your credit score

 

Financial Inclusion Technology 

The idea behind financial inclusion is to promote innovation for cost-effective liberation of financial products with the help of technology. It enables the poor to stabilise 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:

To know about the role of technology in driving financial inclusion around the world, Click here

Technology can and can’t do for financial inclusion:

Read about the role that technology can and cannot play in financial inclusion - Click here

Role of technology in financial inclusion:

Here’s all you need to know about the vital functions that technology plays in financial inclusion - Click here

Relation between financial inclusion and technology:

Read about the Cross-Sectional Evidence on the relationship between financial inclusion and technology - Click here

Financial inclusion technology:

To know how technology helps financial inclusion, Click here

 

Also Read: High growth sectors of India

 

Financial Inclusion Benefits

Financial inclusion comes with several benefits and inclusive growth are 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:

Read about why financial inclusion is important - Click here

Exploring the benefits of financial literacy:

The role of financial literacy in enhancing financial inclusion is aptly explained in this article. To know about it, Click here

Financial including good for banks:

To know how financial inclusion is good for banks too, Click here

5 reasons why financial inclusion matters:

To read about the five ways financial inclusion benefits poor families, Click here

Challenges to financial inclusion:

To know about the various challenges faced to ensure financial inclusion, Click here


 

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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.

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups.

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