FINANCIAL INCLUSION: Overview, Importance, Objectives, Examples (+ Free PDFs)

Financial Inclusion

Over the last decades, Financial Inclusion has been a target pursued across the world. So many advancements are made to ease access in handling transactions. Let’s examine all about this subject matter and how it affects the world in general.

What is Financial Inclusion?

Financial Inclusion involves steps taken to make everyday financial services available to more of the world’s population at a reasonable cost. Moreover, the World Bank has estimated over 1.5 billion adults ecumenically lack access to banking operations. Additionally, it implores ways to retrench the barriers that limit the masses from using financial bodies. Also, it influences their services to enhance their day-to-day activities.

Researches have proven that there is a spectacular bridge between financial access and economic growth sustainability. For instance, the United States of America is a high-income economic nation relative to Nigeria, because there is a gap in financial inclusion in both nations.  In Nigeria, only 38.3% of adults operate bank accounts while over 40 million adults don’t. But, in the United States, an average of 94% of adults operate bank accounts.

Importance of Financial Inclusion:

Firstly, it helps to make financial products and services accessible and affordable to individuals and businesses regardless of one’s personal worth or company size.

Second, it improves the standard of living especially for those in the rural and suburban areas of the country. In delivering transactions, credits, payments, savings, and insurance at an affordable rate and in a sustainable way, there will be an increase in the capital flow which will turn out to create more jobs, expand businesses, ensure loans, make things easy, and more importantly escalate the whole standard of living. Surely, countries with higher financial inclusion rates have higher income revenue and low poverty rates.

Objectives of Financial Inclusion:

Finacial inclusions can have numerous objectives one might want to achieve. The following are part of the objectives of financial inclusion:

#1. Security:

It intends to help people secure financial services and products at economical prices such as deposits, fund transfer services, loans, insurance, payment services, etc.

#2. Financial Institutions:

It aims to establish proper financial institutions to cater to the needs of poor people. These institutions should have clear-cut regulations and should maintain high standards that are existent in the financial industry.

#3. Financial Sustainability:

Financial Inclusion aims to build and maintain financial sustainability so that the less fortunate people have certainty of funds that they struggle to have.

#4. Creation of Awareness:

It intends to increase awareness about the benefits of financial services among the economically underprivileged sections of society. The process of financial inclusion works towards creating financial products that are suitable for the less fortunate people of society.

#5. Economic Support:

It aims at bringing in digital financial solutions for the economically underprivileged people of the nation. It aims to provide tailor-made and custom-made financial solutions to poor people as per their individual financial conditions, household needs, preferences, and income levels.

#6. Mobile Banking:

It also intends to bring in mobile banking or financial services in order to reach the poorest people living in extremely remote areas of the country.

There are many governmental agencies and non-governmental organizations in charge of bringing in financial inclusion. These agencies focus on improving the access to receiving government-approved documents.

Many poor people are unable to open bank accounts or apply for a loan as they do not have any identity proof. Many people who live in rural areas or tribal villages do not have knowledge about documents such as bank statements, international passports, driver’s licenses, or electoral ID. Hence, they cannot afford any of the services offered by governmental or private institutions. As a result, they are not entitled to governmental subsidies.

Elements of Financial Inclusion:

There are building blocks on which Financial Inclusion stands, they include the following:

#1. Education:

Literacy especially in finance increases the level of financial inclusion in a country. People will only participate in it when they know about the benefits. Financial programs can encourage this.

#2. Infrastructure:

This includes the development of buildings at strategic places, road construction, steady electricity, and internet services where financial works and services can be done. The installation of basic facilities in the community is a foundation of Financial Inclusion.

#3. Quality:

People believe in seeing results rather than saying many words. Therefore, the quality of account cost and maintenance are good tools because, when the financial bodies are trustworthy and fit for purpose, people will indulge in active participation.

#4. Access:

Easy access to a bank branch and banking agent is one major factor in financial inclusion. There should be active human resources facilities. If one can comfortably call or visit the financial sector to solve his problem, then there will be an increase in financial inclusion based on trust.

#5. Usage:

The infrastructure and bank accounts should be in good use to encourage the economy. How easily can someone borrow from financial institutions? All these entail the level of financial inclusion.

#6. Social:

This is a more positive element in financial inclusion. It involves the use of social media, gatherings, networks, people, and amenities to influence the masses on the relevance of financial inclusion.

Financial Inclusion PDFs Free downloads:

#1. Financial System Stability, Regulation, and Financial Inclusion

This book is centered on creating financial stability, putting regulation as it relates to business and nations, and in-depth analysis of the subject matter. This book is available for free download on

#2. Financial Inclusion or Inclusive Growth?

This is a thesis that explores whether Community Development Finance Institutions (CDFIs) in the US and Responsible Finance Providers (RFPs) in the UK are desirable candidates for expanding financing to small- and medium-sized businesses considering recent local, national, and global developments.

You can download the book free on

#3. Supply Side: Assessing the Impact of Financial Inclusion Policies on Deepening Financial Inclusion in Nigeria:

This book is a research into how governmental policies to incite Financial Inclusion have been received by various stakeholders, providing a window into the degree to which stakeholders believe the policies have thus far supported financial inclusion and—most importantly—how stakeholders believe the policies can be improved going forward. Get the book on

It should however be noted that we do not have any affiliate partnership with the site to publicize any of the books on their platform and do not earn from making recommendations of this kind. They bear the full consequence, not us, in case they do not have authorization from publishers to make the book free for downloads.


What is financial inclusion and why it is important?

Financial inclusion strengthens the availability of economic resources and builds the concept of savings among the poor. Financial inclusion is a major step towards inclusive growth. It helps in the overall economic development of the underprivileged population.

What is the main aim of financial inclusion?

Notes: Financial inclusion aims to bring in digital financial solutions for the economically underprivileged people of the nation. It also intends to bring in mobile banking or financial services in order to reach the poorest people living in extremely remote areas of the country.

What is financial inclusion strategy?

The Strategy defined financial inclusion as achieved “when adults in Nigeria have access to a broad range of formal financial services that are affordable, meet their needs, and are provided at an affordable cost”. The Strategy sets overall targets and specific targets for products, channels, and enablers.

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