Financial inclusion is a catalyst that enables individuals, households, and businesses to access affordable and beneficial financial products and services. It equips them with the tools to make informed financial decisions, conduct financial transactions, mitigate losses, and promote financial health.
Digital technologies like mobile banking apps, online payment platforms, and mobile money services have the potential to empower financially excluded individuals. They offer affordable ways for people to transfer money, make payments, access microloans, send remittances, and save. This is particularly important for the rural population, which often faces greater financial exclusion, economic challenges, lower incomes, and declining education and infrastructure standards than their urban counterparts.
Mobile money accounts have proven to be highly successful and transformative. They are the key to promoting economic growth. This technology unlocks many essential financial services, empowering individuals to manage their finances, build financial resilience, and achieve greater economic well-being. It changes lives.