Finanicial inclusion Tag

Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country. In recent time, financial Inclusion has assumed a critical development policy priority in many countries, particularly in developing economies. (cbn.gov.ng). Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way- (worldbank.org). With the aim to “make financial services accessible at affordable costs to all individuals and businesses, irrespective of net worth and size respectively”, financial inclusion is important for the development of any economy. It means that people who have better access to financial services through traditional, bank accounts and digital payments have greater control over their money, and their savings, securing business loans, insurance and are better prepared for financial emergencies.  Also, this would provide the possibilities for the creation of a large depository of savings, investable funds, investment and therefore global wealth generation. In other words, access to financial services, that are well suited for low-income earners promote enormous capital accumulation, credit creation and investment boom. Over the years, the government and monetary authorities have introduced varying policies aimed at deepening financial inclusion within the economy. The policies ranged from various institutional involvements such as the establishment of community and microfinance banks to specific policies and programs designed to facilitate access of the financially excluded to formal financial services. The...