By Libertad Digital.
That the whole planet has access to basic financial services is essential for social development. Companies like Banco Santander realize this, and that’s why they launch programs like TUIIO in Mexico.
Globalization is the result of the reduction of trade barriers between countries and the progress of telecommunications and the Internet, among other factors. That’s why, services offered by companies are much more accessible from anywhere on the planet. However, what seems logical still isn’t happening in some corners of the world.
Not everyone has access to essential basic financial services to advance and prosper in society. It is therefore thegreat challengethat companies face nowadays.
The importance of financial inclusion
Financial inclusion aims to give everyone, regardless of age, race, or origin, access to the basic financial services that meet their needs. The World Bank defines the term as transactions, payments, savings, credit, and insurance. They are essential elements for development, not only of the individual, but of an entire country or continent.
In the developed world there is no scenario which does not involve a bank account or a loan that allows a small business to start. Financial inclusion is so important that it directly influences 7 of the 17 Sustainable Development Goals for 2030 set by the UN.
Signed by 193 countries, they include the Agenda 2030, which sets targets such as zero hunger, quality education, gender equality, and decent work. Without financial inclusion there is no work or economic security and, therefore, there is no investment or development.
Former World Bank President Jim Yong Kim recalled that financial services “stimulate savings, investment, job creation and growth”. They also empower women, who are at risk and left out the most.
Universal access to financial services to eradicate poverty has been set as a priority by various international organizations. Here are some of the instruments through which this can be achieved:
Initiatives that work
Not only are international organizations involved in this great goal, but so are large companies, NGOs, and the countries themselves. In fact, as much collaboration as possible is needed. There are several initiatives that already work: