While progress has been made in increasing financial inclusion in some countries, meaningful scale has not yet been achieved. An estimated 2.5 billion adults worldwide still lack access to formal financial services, 90 per cent of whom live in developing and emerging countries. The need for greater financial inclusion – in terms of access, usage and quality of services – remains significant.
In 2008, Alliance for Financial Inclusion (AFI) established itself as the world’s first peer-to-peer learning and knowledge sharing platform for financial inclusion.
For financial inclusion to meet its full potential, it must be truly inclusive, bringing together the expertise of a broad cross-section of partners beyond AFI. This effort to expand knowledge exchanges among all financial inclusion stakeholders will be an important focus in the coming months.
Making a public commitment is a means to champion financial inclusion
Our commitment compels us to move beyond our introspection and individual action. It effectively enables us to share our experiences to other stakeholders. As none of us know the holy grail that will financially include all people, knowledge sharing is ultimately beneficial for all.
Making a public commitment is a call for actionIt does not stop with making others cognizant of the importance of financially including people. There will be an inevitable changing of mindsets to take on a proactive attitude toward inclusion.
Our commitment to financial inclusion is about the 2.5 billion that are still left unbanked around the globe up to this day.
Banks followed by non banking financial companies (NBFC) & regulators have significant knowledge around various challenges in extending financial services reach to left-out world. Therefore it is important that they play their part & partner with others to change this situation.