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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.
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 .
The Financial Access Initiative involves three main activities: Systematizing evidence and communicating lessons: Clarify and organize what is known (and what needs to be known) about the demand for finance by the poor. Emphasis is placed on presenting the information in actionable form and targeting regulators, donors, and other key decision ...
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.
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.
SME Finance (SMEF) [23] Promotes the discussion and implementation of smart policies that facilitate the access of MSMEs to finance and provides a platform for members to discuss related challenges and opportunities. In addition, AFI working groups cover current and emerging global trends that have the potential for widespread impact.
Launched at the 2015 AFI GPF in Maputo, Mozambique, the accord supports access to finance for SMEs to promote sustainable inclusive development and spur innovation. The accord followed on from Turkey's G20 Presidency, which made support for SMEs a key theme.
The underbanked is a characteristic describing people or organizations who do not (or volunteer to not) have sufficient access to mainstream financial services and products typically offered by retail banks and thus often deprived of banking services such as credit cards or loans.