Advancing Financial Inclusion Metrics: Shifting from access to economic empowerment
There is a realistic opportunity to reach the financially excluded – estimated to be 2 billion – and the many more that are underserved.
Over two billion people worldwide are financially excluded and ~200-250 million SMEs are underserved because neither cash systems nor the traditional banking model effectively serve them. These individuals and businesses then rely on riskier and more expensive methods to save, borrow, and secure their assets.
The Financial Inclusion project leverages the Forum's unique multi-stakeholder platform to facilitate opportunities for cross-industry and cross-sector collaboration to jointly address key issues, share best practices, and design solutions that lead to full inclusion. The project is tied to the Future of Financial and Monetary Systems Initiative.
In its engagement with multiple stakeholders, this project focuses on in-country work streams that advance financial inclusion at the local or national level. Each of these work streams examines local barriers to full inclusion, and convenes experts from multiple industries and sectors to identify and implement solutions. Experts include professionals from financial services, telecommunications, retail and consumer industries, international organizations, civil-society, regulators, government and academia. All share the goal of developing sustainable collaborative models to advance access to, and use of, financial services through digital means. Lessons learned from these work streams are shared through convenings and knowledge products, bringing local work to the larger global context.