Public funding for financial inclusion increases, despite tight government budgets

Financial Inclusion

Public funding for financial inclusion increases, despite tight government budgets

Governments are increasing support for financial inclusion worldwide, hoping to bring financial services to 2.5 billion "unbanked" adults. Image: CGAP.

Financial inclusion - the delivery of financial services at affordable costs to disadvantaged and low-income people.

Despite tough economic times, governments are increasing support to extend financial services to the world’s 2.5 billion ‘bankless’ adults.

Financial inclusion can help increase access to services and markets for the world’s poor through building financial literacy, bringing banks to rural areas, and redesigning services to make them both effective and profitable ventures for both clients and big business, regardless of the size of deposits and withdrawals.

Demonstrating how important this issue is, governments have increased funding for financial inclusion 16 percent from 2011 to 2012, according to a new infographic produced by the Consultative Group to Assist the Poor (CGAP).

In the same time period, private funding for similar goals increased only two percent.

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