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.

Source: This Is Money (link opens in a new window)

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banking, financial inclusion, mobile finance, poverty alleviation