Globally, Financial Inclusion initiatives have gained importance, as the focus on reducing income distribution disparities increases. The emphasis on enabling a larger percentage of the world population to be educated on financial services, and providing them access to basic and mainstream services such as accounts, payments, affordable finance and more, has spurred innovation, with technology emerging as a key enabler for Financial Inclusion. And the outcomes have not been disappointing. According to the World Bank Financial Inclusion Database (Global F index Database 2017) , a study of financial access in low income economies demonstrates the quantum leap that certain economies have taken in providing access to individuals to basic financial services such as accounts. At a regionally aggregated level, the percentage of the population over 15 years having access to a bank account, increased fromapproximately32%in2011toalmost70%in2017inSouthAsia,from20%in 2011 to <40% in 2017 in Sub-Saharan Africa and from 40% in 2011 to <65% in Europe and Central Asia, the largest gainers of financial inclusion in this period.
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29.07.21
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