Financial inclusion is described as the method of offering banking and financial solutions and services to every individual in the society without any form of discrimination. It is done to bring majority of stakeholders under the net of financial security.
Benefits of Financial inclusion:
- Access to Financial services enables the poorest and most vulnerable in society to step out of poverty and reduces the inequality in society.
- It not only help individuals and families, but collectively it develops entire communities and can help drive economic growth.
- It help enabling the people to have the ability and tools to manage and save their money.
- Participation within the financial system leads to all kinds of individual benefits like ability to start and grow a business, increase capacity to pay for education of children which in turn enables a new generation of educated and informed individuals.