Financial Inclusion By 2020: Our Generation’s Equivalent of Putting a Man on the Moon
Wednesday, November 13, 2013
Organizations like the Center for Financial Inclusion at Accion and the World Bank have recently set a goal by 2020 of achieving full financial inclusion for the 2.5 billion people – about half the planet – who don’t participate in the financial mainstream. Bringing one in two people across the globe into the financial fold is a formidable challenge. Can it be done? I don’t know. But if you don’t set a goal, you won’t start moving towards it. That’s the advantage of an aspiration like this: it fires everybody’s imagination and puts some energy into the system.
If you think about it, it’s not unlike another ambitious goal that was had a couple of generations ago in the early 1960s. For me, full financial inclusion by 2020 is our generation’s equivalent of putting a man on the moon. Just as space flight and research transformed science, telecommunications, transportation, and more, I believe financial inclusion has the potential to be just as transformative. But a lot needs to happen to meet this challenge. I’ll focus on four things that I believe will help.
- Reducing cash-dependency around the globe;
- Leveraging the scale and reach of public-private partnerships;
- Making economic growth more inclusive; and
- Building a global economy that’s closer to being truly global.