Banking for All – Drive to ensure world’s poor have access to accounts
Tuesday, February 4, 2014
While UK bank customers fume over the endless roll of scandals, some 2.5bn people in emerging markets – more than a third of the global population – have no access at all to the financial system.
Bringing them into the fold, by promoting ‘financial inclusion’, has multiple benefits. Newcomers to the banking system gain a safe place to store whatever they can save, as well as the opportunity to gain access to services such as small business loans and insurance. This can be a huge catalyst for growth in regions where personal assets are traditionally at risk of theft or confiscation by unscrupulous governments.