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The 2008 financial crisis highlighted the profound importance of finance for the globalised economy. But still lack access to formal banking services, credit facilities, or savings instruments
In some countries, as much as 90% of the population lacks access to the formal financial system. This impedes their participation in the global economy by restricting their ability to buy goods and services, to borrow and save, or to invest in their future and that of their community and country.
A well-functioning financial system is a crucial part of development, promoting economic growth and reducing poverty. If market functions well, funds will likely be allocated to the most productive users, which will contribute to economic growth and poverty reduction. However, when the market does not function properly, it loses growth opportunities.
A financial system becomes more efficient and functions better when it is more inclusive. As a financial system becomes more inclusive, it provides more growth opportunities to more individuals and entrepreneurs. However, when the financial system serves only limited segment of the population, the society is likely to lose opportunities to grow.
The goal of financial inclusion has been widely embraced, and the right combination of political will and technology make it seem attainable, there is a link between financial inclusion and financial education which teaches the knowledge, skills and attitudes that people can use to adopt good money management practices.
Governments can contribute to improving access to finance through appropriate policies, legislation, etc. However, experience suggests that not all government policies are helpful But access alone is not enough. We need to make sure that people are using the right financial products,
Access to appropriate and affordable financial services is a basic essential of modern life: to make everyday transactions; to cover short terms financial needs or match longer term financial aspirations; to plan for retirement; to protect your patrimony; to protect against the impacts of unexpected health events of your savings, etc.