Edited by Iwan J. Azis and Hyun S. Shin
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.).
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