What is Financial Inclusion?

What is Financial Inclusion?

Financial inclusion is equal and full access to basic financial services for the entire population of the country.

This is not just an opportunity to open a bank account, make a payment or get a loan, but also a means of overcoming social and economic inequalities.

Despite the active development of the financial sector and the penetration of financial services into public life, financial inclusion remains a serious problem throughout the world. A McKinsey poll of 25,000 Americans found that only half would be able to cover more than two months of expenses if they lost their jobs.

Among the key tools for increasing financial inclusion is digitalization. Mobile operators have ample opportunities to develop the financial sector and profit by entering new markets. McKinsey predicts that in developing countries, mobile operators can provide access to financial services for more than 1.6 billion people, increase the volume of loans issued by $2.1 trillion. However, to improve the current situation, significant and long-term spending on the development of infrastructure and human capital (an average of 2-3 billion US dollars annually) is required.

An equally effective tool is open financial data. the ability to share financial data through the digital ecosystem. The McKinsey Global Institute 2021 estimates that the adoption of open data systems could result in a 1.5% increase in GDP by 2030 in the UK, the European Union (EU) and the US, and 5% in India.

Print   Email

Website of the Accounts Chamber of the Russian Federation International Activities

Privacy Policy

We use cookies and collect technical impersonal information about you to improve the performance of our website. You can find a detailed description of how we use your data information in our Privacy Policy. For a detailed description of the technologies, please see the Cookie and Automatic Logging Policy. By clicking on the "Accept & Close" button, you provide your explicit consent to the processing of your data to achieve the above goal. You can withdraw your consent using the method specified in the Privacy Policy.