$1 MILLION (Prize amount to be confirmed. Announcement expected for next year)
Financial inclusion refers to efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size.
Financial inclusion strives to remove the barriers that exclude people from participating in the financial sector and using these services to improve their lives. It is also called inclusive finance.
While advancements in fintech, such as digital transactions, are making financial inclusion easier to achieve the World Bank estimates that some 1.7 billion adults worldwide still lack access to even a basic bank account.
As the World Bank notes on its website, financial inclusion “facilitates day-to-day living, and helps families and businesses plan for everything from long-term goals to unexpected emergencies.” What’s more, it adds, “As accountholders, people are more likely to use other financial services, such as savings, credit, and insurance, start and expand businesses, invest in education or health, manage risk, and weather financial shocks, all of which can improve the overall quality of their lives.”