What is Financial Inclusion?

What is Financial Inclusion?

As explained above, microfinance was an initial, PRIVATE effort pioneered by Muhammad Yunus to reduce poverty by giving impoverished entrepreneurs access to microcredits and other financial products and services.
In 1976 Yunus started the Grameen Bank in Bangladesh. In 2006 the Grameen Bank and its founder Yunus were awarded the Nobel Peace Prize.
However, according to the United Nations (UN), three billion people around the world still do not have access to formal financial services like savings accounts, credit, insurance, and payment services. More than half the population in developing countries and more than 80 percent of households in most of Africa are financially excluded.
On 29 December 2003, Former UN Secretary-General Kofi Annan said: ”The stark reality is that most poor people in the world still lack access to sustainable financial services, whether it is savings, credit or insurance.
Financial Inclusion (FI) (from ±2004) is an economic POLICY of various governments and NGOs that (also) aims at giving disadvantaged or low income households and enterprises access to a COMPLETE RANGE of financial / banking services at affordable costs through building an entire INCLUSIVE FINANCIAL SYSTEM.
Financial inclusion includes many products and services like: savings facilities (microsavings), short and long-term credit, micro credits, loans, leasing and factoring, mortgages, insurance (microinsurance), pensions, payments, micropayments, credit and debit cards, overdrafts, cheques, local money transfers, electronic fund transfer (EFT), international remittances, pensions, and last but not least financial advice, coaching and education.
Compared to microfinance, financial inclusion is more comprehensive, more systemic and more public.
Compared to financial inclusion, microfinance was initially more focused on microcredits, more practical, and more private.
Financial inclusion is also referred to as: Inclusive Finance.

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		0 Gabriel Femi Adewara Management Consultant, Nigeria
	Financial Inclusion Should Be the Policy Framework to Drive Microfinance Obviously, microfinance institutions are failing to thrive in the less developed countries because o... Sign up

		0 Laxminarayan Katti Student (MBA), India
	Financial Inclusion: Innovation and Education Banking the unbanked is financial inclusion. To reach the unbanked, the use of the right technology ... Sign up

		0 VENKATESWARAN Teacher, India
	Demands on an Inclusive System Financial inclusion means all financial, insurance, banking and credit facilities for all without an... Sign up

		0 RIchard Langlais, United Kingdom
	Financial Inclusion and Credit Unions Financial inclusion is a global economic initiative, which serves to eliminate the negative financia... Sign up

		0 Abhishek Saxena Project Manager, India
	Financial Inclusion & Development The article itself mentions “traditionally banks were unable to serve the base of the pyramid”... Wi... Sign up

		0 John Michael Donohue Manager, United States
	Microfinance and Financial Inclusion Economic development at the individual/household level is conditioned on certain institutions of cap... Sign up

		0 John Moses Manager, Nigeria
	Financial Inclusion - Key to Achieving an Effective Financial Empowerment Financial inclusion should be pursued with a great passion by governments across the globe especiall... Sign up

		0 Vishnu R. Padhiyar
	Financial Inclusion is Now a Common Objective Financial inclusion is the delivery of financial services at affordable costs to sections of disadva... Sign up

		0 Juan Bravo Management Consultant, Ecuador
	Microfinance is a Form of Inclusion In my opinion, microfinance is a form of inclusion for the most vulnerable groups in rural areas. We... Sign up

		0 Sabo Victor Emmanuel Nigeria
	Financial Inclusion: Whose Objective Should it Be? Considering the aim of this policy, I think financial inclusion should be the objective of the gover... Sign up

		0 Luisa Pineda Martinez Guatemala
	Financial Inclusion There should be a lot of expectancies around this subject, for what I read. As a manager could do a ... Sign up

		0 Saikat Basak Accountant, India
	Financial Inclusion Definition Financial inclusion may be defined as the process of ensuring access to financial services and timel... Sign up

		1 Amwonya Aggrey Business Consultant, Uganda
	Financial Inclusion Financial inclusion is a recent term used to indicate the aim of serving more people with financial ... Sign up