financial-inclusion

Vocabulary Word

Definition

Financial inclusion refers to creating systems that allow everyone, regardless of income or wealth, to use banking and other financial services. It's like making sure even folks with less money can conduct financial transactions.

Examples in Different Contexts

In international development, 'financial inclusion' is critical for reducing poverty and enabling economic empowerment. An NGO worker might observe, 'Our programs focus on financial inclusion to help people build savings and start businesses, thereby improving their lives.'

Practice Scenarios

Tech

Scenario:

This app targets users lacking access to standard banking. Considering affordable or free access could be impactful.

Response:

Correct. In fact, let's prioritize financial inclusion. How about waiving fees for digital bank account opening for these users?

Public-Policy

Scenario:

We should work towards lessening the financial disparity. This could involve rethinking banking laws or restrictions.

Response:

Indeed. Let's champion financial inclusion by lobbying for more inclusive banking laws and eliminating unnecessary fees for the poor.