Blog: You, us, everyone

In a world where financial transactions largely determine quality of life, nearly 1.4 billion adults worldwide still do not have a bank account, according to the World Bank. Inclusive finance aims to change this reality by providing universal access to financial services: savings, credit, insurance, and digital payments.

These services are not merely practical tools; they are essential levers to reduce inequality, stimulate entrepreneurship, and improve the economic resilience of populations.

Why inclusive finance is crucial

Access to financial services has direct impacts on daily life:

1. Financial security: A bank account allows individuals to save, receive funds, and protect themselves against unforeseen events.
2. Economic empowerment: Access to credit enables the creation or expansion of businesses, funding education, or investing in housing.
3. Participation in the digital economy: With the rise of digital payments, lacking a bank account or access to digital financial services can marginalize part of the population.

Thus, inclusive finance is a key driver of social equity and sustainable development.

Barriers to financial Inclusion

Several factors limit access to financial services:

• Economic: High banking fees, minimum deposits, insurance costs.
• Geographic: Lack of banks in rural or remote areas.
• Cultural and educational: Distrust of banks, low financial literacy.
• Technological: Limited access to the internet or smartphones, restricting use of digital services.

These barriers show that financial inclusion is as much a social and educational challenge as it is an economic one.

Current solutions to expand access

1. Mobile banking and fintech

Financial services via smartphones allow users to send and receive money, pay bills, or save without a traditional bank account. M-Pesa in Kenya, for example, has transformed the lives of millions, especially in rural areas.

2. Microcredit and microinsurance

The Grameen Bank in Bangladesh provides small, collateral-free loans, primarily to women, enabling income-generating activities. Microinsurance protects against health, agriculture, or natural disaster risks.

3. Government programs and NGOs

Initiatives like Pradhan Mantri Jan Dhan Yojana in India have enabled the opening of hundreds of millions of bank accounts with no minimum balance, facilitating access to financial services and direct distribution of social benefits.

4. Financial education

Financial literacy helps people manage their money, understand financial products, and use services responsibly.

Innovations and future perspectives

• Universal digital banks: Low-cost services accessible without stable income or traditional banking history.
• Digital currencies and cryptocurrencies: Fast and secure transactions for unbanked populations.
• Artificial intelligence and Big Data: Credit risk assessment for clients without traditional banking history.
• Public-private partnerships: Collaboration between governments, banks, and NGOs to maximize the impact of financial inclusion.

Real case studies and economic impacts

1. M-Pesa (Kenya)

• Population: Access to financial services for millions of previously unbanked adults.
• Economy: Estimated contribution of about 0.5% of annual GDP, stimulating local microenterprises.

2. Grameen Bank (Bangladesh)

• Population: Women’s empowerment and economic inclusion of poor households.
• Economy: Microcredits distributed to boost income growth and reduce poverty.

3. Pradhan Mantri Jan Dhan Yojana (India)

• Population: Millions of bank accounts opened, providing basic financial access.
• Economy: Significant savings on social benefits and massive integration into the formal financial system.

4. Digital Wallets and Fintech (bKash, PhonePe, GoPay)

• Population: Millions of previously unbanked users, including numerous micro-entrepreneurs.
• Economy: 30–40% increase in micro-enterprise revenues and growth of the local digital economy.

Socio-economic impacts

These case studies demonstrate that financial inclusion transforms individual lives and stimulates the national economy by integrating previously marginalized populations.

Conclusion

Inclusive finance goes beyond mere bank access: it is a driver of social equity, economic development, and resilience for millions of people worldwide. Through innovation, financial education, and collaboration between public and private actors, universal access to financial services can become a reality, ensuring that finance is a right for all, not a privilege.