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Financial Inclusion In A Digital Age

Financial inclusion refers to the provision of improved access to, and affordability of financial services for all individuals and businesses, regardless of their income or available resources.

As of 2020, it was estimated that around 1.7 billion people - approximately a third of the world’s adult population - were unbanked or underbanked. Organisations such as World Bank and the United Nations aim to vastly increase access to financial services worldwide by establishing financial inclusion initiatives, while private sector companies like Waxd believe that leveraging existing technologies in innovative ways, will make it possible to create a digital ecosystem that empowers these individuals and brings them into the financial system, thereby boosting economic growth.

There is a profound difference between those who benefit from the use of financial services and those who do not. Financial inclusion is key to closing these growing inequality gaps, which are likely to become even more entrenched over time, if digital financial services do not include the poor and vulnerable. The financial servicing needs of the disenfranchised can be brought into the financial comfort zone by simply providing them with an effective digital walleting and payment system.

With advances in financial technology and digital transactions, financial inclusion is becoming simpler to achieve. If done correctly, digital transformation has the ability to revolutionize how the less educated or lower income individuals interact with the financial services industry. Broad-based financial inclusion is an enabler of many of the Sustainable Development Goals, and solutions to achieve financial inclusion have never been more necessary or important.


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