Great strides have been made toward financial inclusion and 1.2 billion adults worldwide have gotten access to an account between 20. Digital financial inclusion involves the deployment of the cost-saving digital means to reach currently financially excluded and underserved populations with a range of formal financial services suited to their needs that are responsibly delivered at a cost affordable to customers and sustainable for providers. The ongoing COVID-19 crisis has also reinforced the need for increased digital financial inclusion. As accountholders, people are more likely to use other financial services, such as credit and insurance, to start and expand businesses, invest in education or health, manage risk, and weather financial shocks, which can improve the overall quality of their lives. Though many gains were made through this initiative, it is an indicator of the scale of the challenge that still more work remains to be done.įinancial access facilitates day-to-day living, and helps families and businesses plan for everything from long-term goals to unexpected emergencies.
Most notably, it was the focus of the World Bank Group’s Universal Financial Access 2020 initiative, which concluded at the end of 2020.
A transaction account serves as a gateway to other financial services, which is why ensuring that people worldwide can have access to a transaction account continues to be an area of focus for the World Bank Group (WBG).
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