World Economic Forum tackles financial inclusion
The World Economic Forum (WEF) and 15 of its partners have launched a financial inclusion measurement framework in an effort to assist the world’s “unbanked”, including through leveraging digital financial services.
“Financial inclusion is at a turning point. Due to advances in technology, the unprecedented advent of transactional and behavioural big data and greater multi stakeholder collaboration, there is a realistic opportunity to reach the financially excluded – estimated to be two billion – and the many more who are underserved”, the group says in a report.
The framework defines the metrics that are crucial to understanding and improving how people access and use financial products like digital payments, savings accounts and loans in the developing world.
“More nuanced metrics provide businesses and governments with the necessary inputs to offer customer-centric strategies that increase access and usage of financial services in a sustainable manner,” according to Cheryl Martin, WEF MD and head of industries.
Photo courtesy of AMISOM Public Information.