NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, November 18, 2013

A number of business models originating in the country have offered global lessons on financial inclusion, ranging from mobile money, banking to insurance.

The World Bank, in a new report titled ‘Global Financial Development Report 2014: Financial Inclusion’, cites various examples of success of various business models in the country that have helped deepen financial inclusion.

High penetration of new technologies has helped deepen financial inclusion – the share of individuals and firms that use financial services, which has improved significantly countrywide over the last decade, with the share of the unbanked population – those who do not use or have access to commercial banking services – on the decline.