Putting the New Global Findex into Context
Remarkable progress, new trends, persistent challenges
Crowning the last three years of concerted efforts to expand financial inclusion, the new Global Findex database reveals a significant rise in access to financial services around the world. More than half a billion new accounts have been opened since 2014, adding significantly to the momentum of financial inclusion and pushing the number of adults with accounts to 69 percent.
“Thanks in good part to the Global Findex we have made great progress,” said the Special Advocate, “but there is still a lot of work to be done”—notably in closing persistent gaps related to gender and income.Read more
Pope Francis Speaks in Support of Financial Inclusion
“The World Bank Spring Meetings will take place next Saturday in Washington. I encourage efforts that seek to promote the lives of the poorest through financial inclusion, fostering genuine integral development that respects human dignity.”
—Pope Francis, 18 April 2018Read more
Casting a Wider Net: Digital Loan Helps Nigerian Fish-Seller Expand Her Business
For entrepreneur Flora Edojah, who lacked the credit history required for a traditional loan, an innovative new digital financing model from the fintech company Lidya offered a path forward. In less than two years, her customer base and income have increased, her staff has grown, and she has ambitious plans for the future.
CEOs and Special Advocate Launch Private Sector Partnership for Financial Inclusion
Convened by the Special Advocate at Davos, the CEO Partnership represents major banks, fintechs, payments technology, insurance, mobile network operators, and consumer goods companies. The collaboration represents the first high-level private-private partnership to further financial inclusion.
Queen Máxima of the Netherlands
Her Majesty Queen Máxima of the Netherlands is the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).
As Special Advocate, Queen Máxima champions universal access to affordable, effective, and safe financial services for the poor. Collaborating closely with global and national partners, she raises awareness, encourages leadership, works to break down barriers, and supports action to expand financial inclusion. Queen Máxima is also honorary patron of the G20’s Global Partnership for Financial Inclusion and serves as a Global Agenda Trustee for the World Economic Forum’s Global Challenge Initiative on the Future of the Global Financial System. In the Netherlands, she is a member of the Committee for Entrepreneurship and Finance and honorary chair of the Dutch Money Wise Platform.Read more
Forty percent of the world’s adults—two billion people—struggle to get by without the basic financial services they need to protect themselves against hardship and invest in their futures.
Financial inclusion seeks to unlock development opportunity and improve the lives of all, especially the poor, by expanding access to catalytic financial tools.
Affordable, effective, and safe financial services—savings, insurance, payments, credit, and more—can play a transformative role by fostering equitable growth and furthering vital development goals such as poverty reduction, job creation, gender equality, and food security.
Financial inclusion can support families when they confront unexpected setbacks and help them work their way out of poverty. It can permit small entrepreneurs to invest in their businesses and create jobs. And it can allow societies and economies to grow stronger and more inclusive.
Financial inclusion cannot end poverty and inequality on its own, but it can contribute significantly to building better lives and more resilient communities. By opening a path to empowerment and opportunity for all, an inclusive financial system is essential infrastructure for every country.Read more