Financial Inclusion as a critical cog for development Pt 1

Sharing insights: Mambure
Sharing insights: Mambure

Financial inclusion is a malleable and polysemic term which needs to be interrogated fully. It encompasses elements of policy, practice, and broader socio-economic strategies. Broadly, it refers to ensuring that individuals and businesses have access to useful and affordable financial products and services that meet their needs notably transactions, payments, savings, credit, and insurance, delivered in a responsible and sustainable way.

Depending on the point of departure and orientation of the protagonist therefore, financial inclusion can be a concept, a policy, practice or even strategy. Over the next few instalments, we will unpack this subject from different dimensions, its meaning, components, application and how it is an important cog in economic development. Within this piece we will look at the basics of financial inclusion, the definitions, components as well as the lenses through which it can be viewed.

Going back to history, initial perception of financial inclusion related to the removal of barriers that existed on both the supply side and the demand side of access to financial services. Demand side barriers related to the failure by the users to access financial services while supply side referred to the barriers that emanated from the failure, whether deliberate or structural, by players, mainly financial institutions to provide relevant products and services.

Editor's Comment
Stop the children killing madness!

The incident comes on the heels of a similar one where a father murdered his two toddlers in Francistown. As we grapple with the shock and sorrow of this loss, it is essential to address the underlying issues that led to such a horrific outcome.Our hearts go out to the innocent victims, the three boys aged 13, 10, and eight who lost their lives in circumstances that defy comprehension. Their deep cuts and untimely demise have left a scar on the...

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