Financial Inclusion

Anecdotally, the popular perception appears to be that as being an advanced nation, Australia “does not have a problem with financial inclusion”. 

 

The reality is different. 


According to statistics published by the Centre for Social Impact, one in five Australian adults is considered “financially excluded” – i.e. “unable to access safe, affordable, and appropriate financial products/services when they need them”.

Overview

“After three decades of innovation and unprecedented expansion of access to financial services for the underserved, leaders are now faced with a new question: how to leverage the potential of this broader financial access to foster entrepreneurship, reduce poverty and improve well-being”.

 

Harvard University, “Rethinking financial inclusion”, Evidence for Policy Design (EPoD) Program. Retrieved June 2018.

According to the US-based Consultative Group to Assist the Poor (CGAP), financial inclusion is defined as:

 

“…a state where both individuals and businesses have opportunities to access, and the ability to use, a diverse range of appropriate financial services that are responsibly and sustainably provided by formal financial institutions”.

 

There are three aspects to this definition:

Adapted from: CGAP (2019)

Our

Expertise

Gen Advisory has the expertise to advise ADIs on the following aspects of financial inclusion:

 

Financial inclusion action plans (FIAPs)

Financial inclusion strategies

Microfinance

Root causes of financial inclusion

The needs of the

financially excluded 

A systemic approach to financial inclusion

Gen Advisory has in-depth insights into specialised areas.
Contact us about your specific needs.

Contact

Gen Advisory has in-depth insights into specialised areas.
Contact us about your specific needs.

Contact

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