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In recent years, financial inclusion has become a widely recognized and popularized term and has become a policy priority for many countries. While there are many ways to define financial inclusion, one of the more commonly used definitions refers to financial inclusion as individuals and businesses having equal and fair access to useful and affordable financial products and services that meet their needs (World Bank).
Financial inclusion has become the forefront of development as research has shown that more equal access to fair and affordable services for the population, particularly underserved groups, can lead to greater economic growth and development. Evidence globally has shown that access to financial services achieves sustainable development and contributes to wealth creation. Moreover, financial inclusion contributes to many of the UN’s Sustainable Development Goals (SDGs) including job creation, economic growth, reduced inequalities, and poverty reduction.
As a result, central banks across the world are actively promoting financial inclusion in an effort to achieve more financial stability and equitable economic growth.