Financial Inclusion: What's the Vision?

What began as the burgeoning field of microcredit has evolved into the all-encompassing topic of financial inclusion. And it’s gaining unprecedented momentum. In our collaboration with financial services providers, banking regulators, investors, academics, and industry thought-leaders, we see first-hand that expanding access to finance is a top priority.

But while the world is coming to consensus on the importance of financial inclusion, such consensus does not exist around a definition. From “banking the unbanked” to “branchless banking,” a variety of catch phrases are sometimes used as near synonyms for financial inclusion, when in fact they describe only specific aspects of a single concept with a much broader set of goals.

As proponents of collaboration, we believe there is important value to add by uniting the various interpretations of financial inclusion into one comprehensive vision. We wish to share with you the Center for Financial Inclusion’s view of what that puzzle might look like when all the pieces are put together:

Full financial inclusion is a state in which all people who can use them have access to a full suite of quality financial services, provided at affordable prices, in a convenient manner, and with dignity for the clients. Financial services are delivered by a range of providers, most of them private, and reach everyone who can use them, including disabled, poor, and rural populations.

An Actionable Vision. The Center's Vision for Financial Inclusion presents the four dimensions at the core of financial inclusion: product range, service quality, provider diversity and reducing exclusion.

A Concrete Definition. A concrete definition can be applied in efforts to measure financial inclusion. In our paper Prospects for Financial Inclusion in Mexico we present a methodology to assess the current and future state of financial inclusion in Mexico, highlighting the gaps and potential next steps to set Mexico on a path to full financial inclusion.

Now is the Time to Get it Right. As it becomes more apparent that world leaders want to take the journey towards full financial inclusion, we need to take the time to identify the right final destination so that we can chart the most efficient path.

Learn about the Center's Vision for Financial Inclusion >

Explore the Center's Financial Inclusion Glossary >