Most countries are moving financial inclusion up their reform agendas, with around 60 governments setting financial inclusion as a formal target. This year’s post-2015 Development Agenda directly puts financial inclusion as a key objective for United Nations member countries.
Financial inclusion is the access to and use of formal financial services to as many people as possible. This concept also entails the delivery of financial services at affordable costs to disadvantaged and low-income parts of society.More specifically, financial exclusion means that customers use informal products and services that are often not well-tailored to their needs, higher priced than formal options, and not subject to applicable financial consumer protection.
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