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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.
The Subcommittee on Diversity and Inclusion was created for the 116th United States Congress by Chairwoman Maxine Waters. [ 1 ] [ 2 ] However, under Republican control during the 118th Congress, the subcommittee expanded its focus to include digital financing, including cryptocurrency.
Open finance is gaining traction in Latin America and the Caribbean (LAC), with several countries making significant strides in developing regulatory frameworks and implementing open banking initiatives. This progress has the potential to expand financial inclusion, increase competition, and foster innovation in the region's financial sector. [38]
In 2006, there was an emerging recognition that policies mattered when it came to financial inclusion. There is also a huge sentiment around the potential of digital financial services for increasing financial inclusion for the unbanked population of the world. Dr. Hannig described the situation in 2006 as follows: [4]
Digital inclusion is a critical issue for many Indigenous communities across the globe, many of whom lack access to adequate resources. [9] The Australian Government has set a National Closing the Gap target for Aboriginal and Torres Strait Islander people to have equal levels of digital inclusion by 2026. [10]
The report documents account ownership by economy, areas lacking banking infrastructure, how different economies make payments, how accounts are used, the amount of saving, credit, and financial resilience, and the opportunities that are arising for promoting financial inclusion due to the rise of the digital era. [3]
The first AFI GPF [4] was held in Kenya in 2009 and focused primarily on the promotion of the benefits of a knowledge exchange platform of peers. [5] [6] In his opening remarks, the governor of co-host Central Bank of Kenya, Prof. Njuguna Ndung'u, summarized the goal of the AFI GPF when he stated, "we will, over the next ten days, share experiences on smart financial inclusion policies that ...
The Maya Declaration is a global initiative for responsible and sustainable financial inclusion issued by the Alliance for Financial Inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is the first global and measurable set of financial inclusion commitments by developing and emerging economies.