Building an Inclusive Financial System: A Global Economic & Social Imperative for This Decade
Since 2011, more than 1.2 billion adults globally have obtained a bank or transaction account. Yet, gains in access miss the more important goal: whether financial access translates into better financial health for the people who need it. The stress brought by the pandemic on our financial systems, combined with a heightened awareness of our interconnectedness, has convinced many leaders that now is the time to re-design financial systems to create equitable, long-term financial security for people and small businesses.
This paper highlights four key principles required to achieve these aims:
- Prioritizing historically excluded and underserved populations.
- Measuring success by outcomes.
- Establishing and enforcing strong regulatory regimes.
- Promoting growth and integrity.
The purpose of this publication is to support national economic policymakers to enter into and facilitate cross-sector conversations on inclusion and financial systems. Policymakers can use the evidence and expertise from global practitioners contained in this paper to make the case for and define the elements and principles of an inclusive financial system.