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Access to finance is the ability of individuals or enterprises to obtain financial services, including credit, deposit, payment, insurance, and other risk management services. [1] Those who involuntarily have no or only limited access to financial services are referred to as the unbanked or underbanked, respectively. [1] [2]
Financial inclusion is the availability and equality of opportunities to access financial services. [1] It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which include banking, loan, equity, and insurance products.
Access to financial services is defined as the share of the adult population (population ages 15+) with an account ownership at a financial institution or with a mobile-money-service provider. The data for the ranking taken from the Global Financial Inclusion Database , which was compiled by the World Bank .
"Lack of access to safe and affordable food, water, housing, and medical care are all causes of persistent poverty. Lack of quality educational opportunities, employment, and lack of political ...
The effects of a lack of financial literacy can include: Not enough emergency savings, which could cause financial hardship in the event of a job loss, a big medical bill or a pricey car repair
With inflation dominating the financial lives of Americans in 2022, workers and retirees of all ages cut their retirement savings, struggled with debt and found it difficult to make ends meet....
Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit , the provision of small loans to poor clients; savings and checking accounts ; microinsurance ; and payment systems , among other services.
Typically, in an underdeveloped financial system, it is the incumbents who have better access to financial services through relationship banking. Moreover, incumbents also finance their growth through internal resource generation. Thus, in an underdeveloped financial system, growth is constrained to the expansion potential of incumbents.