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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.
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. Available indicators are reported for ...
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.
Financial Inclusion Data (FID) [19] Builds knowledge and good practices on areas related to financial inclusion measurements, such as indicators, methodologies, global standards and principles. Financial Inclusion Strategy (FIS) [20] Promotes the development, implementation, and monitory and evaluation of national financial inclusion strategies.
Central banks and mainstream banks are now more intimately engaging in the financial inclusion agenda than ever before, though it is a long road, with 35–40% of world's adults remaining outside formal banking system, and many more remaining "under-banked".
Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (commonly known as the Nachiket Mor Committee) [1] was an expert committee formed by Raghuram Rajan on 23 September 2013, [2] after he was appointed as the governor of the Reserve Bank of India (RBI). It was headed by Nachiket Mor.
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 Bank became the 100th member of the Alliance for Financial Inclusion in 2013. [4] Additionally, it has made a Maya Declaration Commitment to transform the National Financial Literacy Programme into a National Training Institute for Financial Inclusion by the conclusion of 2014.