We tend to think about banking as a pretty commonplace practice. Despite that impression, though, data from the World Bank finds that nearly 2 billion people globally lack access to conventional financial services.
This is a deliberate choice in some cases; there are plenty of
Financial inclusion has been demonstrated to stimulate economic and social development and to move society toward a range of UN Sustainable Development Goals (UN SDGs). This is achieved by providing access to affordable and responsible financial products and services that people need. We explain below how impact investments that promote financial inclusion can help to
While technology has yet again been a central topic of discussion at this year’s World Economic Forum in Davos, Switzerland, there has also been a determined focus on fintech and how financial inclusion is key to meeting the UN’s Sustainable Development Goals by 2030.
In conversation with Charlotte Crosswell, CEO of Innovate Finance, she
In 2003, Jessica Jackley was a 25-year-old staff member of Stanford Business School’s Public Management Program when a lecture by Muhammad Yunus upturned her life.
Yunus popularized the microfinance solution to global poverty by founding Grameen Bank in Bangladesh. Poor people in low-income countries typically lack the collateral and credit history that most financial institutions require
Checking your bank account should feel like part of a daily routine, but unfortunately for many Americans — and billions globally — this is far from reality. Basic banking products and services to facilitate daily life remain unavailable to millions in the U.S., thanks in large part to how traditional banks have continued to misunderstand
Several years ago, a senior person at a large foundation (let’s call him Fred) asked us if we thought financial inclusion—creating and supporting financial products and services designed for low-income communities—really made a difference to the poor. We took his question very seriously, and answered that we honestly weren’t sure whether it was as
Beginning in the 1980s, microfinance emerged as a way to tackle the myriad challenges of poverty by focusing on financial inclusion. It was recognized that lack of access to basic financial services, such as a small loan, was preventing billions of people from raising their standard of living. As of 2017, 1.7 billion adults globally remain
Mary Banda in Zambia runs a small restaurant in one of Lusaka’s oldest markets. Before she learned that financial services could make the way she did business easier, her profits were low. But today, her profits have increased, both because she banks her money and because she uses mobile money transfer services.
Using financial services has
In a time when technology has transformed people’s lives in so many ways, financial services is one area where the potential of the internet era remains largely unrealized. We’ve been hearing for decades about the demise of cash and the dawn of the digital economy.
So far, though, the traditional financial order is still standing tall.
Frederick Douglass, the great orator and leader of the 19th century abolitionist movement, is recognized for his steadfast and determined work for emancipation. He advanced this cause through self-taught reading and writing, and he also used these skills to call for the full participation of African-Americans in the education system.
Although Douglass’ goal of equal access to education is ostensibly a reality, we must not