Driving Financial Inclusion Initiatives Using Mobile Technologies
“What tends to do away with poverty is not the getting of pictures of poverty into your mind but getting pictures of wealth into the minds of the poor. You are not deserting the poor in their misery when you refuse to allow your mind to be filled with pictures of that misery. Poverty can be done away with, not by increasing the number of well to do people who think about poverty, but by increasing the number of people who purpose with faith to get rich. If you want to help the poor, demonstrate to them that they can become rich; prove it by getting rich yourself.” - The Science of Getting Rich by Wallace D. Wattles
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society. An estimated 2.5 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. It is argued that as banking services are in the nature of public good; the availability of banking and payment services to the entire population without discrimination is the prime objective of financial inclusion public policy.
It is easier to understand inclusion, from an understanding of what it is not. Those that do not have financial inclusion are said to be financially excluded. Inclusion has failed when poverty, combined with the high cost of delivery of inclusion and lack of regulation, makes it unviable for financial services to be provided or are underserved. In a way, the excluded are seen as ‘not worthy’ of these services.