10
Facts About Financial Inclusion
The
current wave of technological innovation is shaking the
foundations of how individuals and businesses manage their
finances. Here are ten facts about the current state of
financial inclusion.
1. Access to financial services is not uniform...
Source
Universal
Financial Access 2020
In
2014, an estimated 2 billion adults lacked access to a
transaction account (Global Findex 2014) and were excluded
from the formal financial system. In response, the World
Bank Group (WBG) with private and public sector partners
set an ambitious target to achieve Universal Financial
Access (UFA) by 2020.
Source
Waiving
Rs 80 crore GST can boost financial inclusion
The outcome of the polls has paved the way for far reaching
decisions in many areas. Financial inclusion is one such
domain. Key enablers of digital financial inclusion are
already in place such as the policy, platform, participation,
providers, public and promise.
Source
Financial
Inclusion - World Bank
Financial inclusion is a key enabler to reducing poverty
and boosting prosperity.
Source
Fintechs
and Financial Inclusion
Fintechs are innovating at every step of the financial
services value chain, often through new value propositions,
including flexible products and better ways to address
the financial challenges faced by low-income customers.
They are making financial services more affordable and
accessible. They are improving the customer experience
of financial services and accelerating use and engagement.
They are also building the groundwork—including
easier digital identity verification, collaborative customer
due diligence, data sharing, and payment schemes—that
can catalyze a host of financial services.
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