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Apr 09 2018, Written by - Preety Paranjape

Why is Agency Banking the Silver Bullet for Financial Inclusion?

Agency Banking for Financial Inclusion

According to a report by The World Bank, an estimated 2 billion adults worldwide don’t have a basic account.  Governments across the world are focusing on expediting financial inclusion to eradicate poverty and provide economic stability to all. However, 59% of unbanked adults cite unavailability of affordable banking services as the key reason for not having an account. Lack of banking services in rural areas or a tiresome documentation/onboarding processes are some other notable roadblocks.

What is financial Inclusion?

Financial inclusion is an effort to bring all people regardless of their income level into a formal economy. It is important that no person; however poor, remains excluded from this ecosystem.