Chapter 15: Financial inclusion and regulatory implications
Financial inclusion is a relatively new notion, which evolved from microfinance and is still subject to debate on the elements of its definition. The Center for Financial Inclusion at ACCION International defines it as ‘a state in which everyone who can use them has access to a full suite of quality financial services, provided at affordable prices, in a convenient manner, with respect and dignity. Financial services are delivered by a range of providers, in a stable, competitive market to financially capable clients’. For the Consultative Group to Assist the Poor, financial inclusion refers to ‘a state in which all working age adults, including those currently excluded by the financial system, have effective access to the following financial services provided by formal institutions: credit, savings (defined broadly to include current accounts), payments, and insurance’ (CGAP 2011, p. 8). The CGAP further construes ‘effective access’ as involving ‘convenient and responsible service delivery, at a cost affordable to the customer and sustainable for the provider, with the result that financially excluded customers use formal financial services rather than existing informal options’ (ibid.).
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.