Iconoclastes
JF-Expert Member
- May 26, 2014
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Financial inclusion is a vital part of reducing poverty worldwide. Whether allowing people to open a bank account or access credit, financial services are key to economic growth and wealth creation.
Two billion people do not have access to high-quality, affordable financial services. Additionally, there are 200 million small and medium-sized enterprises worldwide that have no access to formal financial services.
The Brookings Institution’s Financial and Digital Inclusion Project assesses access and usage of affordable financial services for underserved people in 26 diverse countries around the world and has rated their efforts to address the situation.
The inclusive goal
The report selected a broad range of geographically, politically, and economically diverse emerging economies. Each country was given a percentage score based on four dimensions of financial inclusion: country commitment to addressing the issue, mobile phone capacity, regulatory environment and adoption of selected traditional and digital financial services.
Image: Brookings Institution
Kenya leads the way in inclusive financial services, just ahead of Colombia.
Brazil, South Africa and Uganda rank jointly in third.
Kenya’s success
Kenya has seen a 50% increase in financial inclusion over the last decade.
Image: Brookings Institution
Much of the progress in Kenya’s financial inclusion landscape has been credited to the country’s vibrant mobile money ecosystem, which features exceptionally high adoption rates.
Kenya is considered the most mature mobile money market in the world, driven by the widespread success of Safaricom’s M-Pesa service.
Affordable financial services for all: These countries are doing the most to achieve it
Two billion people do not have access to high-quality, affordable financial services. Additionally, there are 200 million small and medium-sized enterprises worldwide that have no access to formal financial services.
The Brookings Institution’s Financial and Digital Inclusion Project assesses access and usage of affordable financial services for underserved people in 26 diverse countries around the world and has rated their efforts to address the situation.
The inclusive goal
The report selected a broad range of geographically, politically, and economically diverse emerging economies. Each country was given a percentage score based on four dimensions of financial inclusion: country commitment to addressing the issue, mobile phone capacity, regulatory environment and adoption of selected traditional and digital financial services.
Image: Brookings Institution
Kenya leads the way in inclusive financial services, just ahead of Colombia.
Brazil, South Africa and Uganda rank jointly in third.
Kenya’s success
Kenya has seen a 50% increase in financial inclusion over the last decade.
Image: Brookings Institution
Much of the progress in Kenya’s financial inclusion landscape has been credited to the country’s vibrant mobile money ecosystem, which features exceptionally high adoption rates.
Kenya is considered the most mature mobile money market in the world, driven by the widespread success of Safaricom’s M-Pesa service.
Affordable financial services for all: These countries are doing the most to achieve it
