Advancing Financial Inclusion Metrics: Shifting from access to economic empowerment
- Matthew Blake, Drew Propson
- Jan 2018
- World Economic Forum (WEF) in collaboration with Tata Consultancy Services
- International
Stimulating financial inclusion has the potential to bolster economic growth while alleviating poverty. It provides access to payments and savings, protects against crises and mobilizes resources essential for investment and consumption. Additionally, financial inclusion can further boost economic progress by identifying new viable markets for financial services providers, which in turn increases fiscal revenues for governments and provides employment opportunities for local communities. Increased attention to financial inclusion has recently been driven by one core factor: the rise of technology enabled innovation. Digital financial products and services –
especially those delivered through mobile phones – have made it cost-effective to reach low-income consumers who conduct transactions for small amounts. These technological advances have enabled scalable and profitable business models and significant commercial prospects in the base of the pyramid (BOP) segment.
