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Financial Inclusion

“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.



Anecdotally, a popular misconception appears to be that since Australia is a relatively prosperous nation, financial exclusion does not exist in this country.

The reality is different. 

According to statistics published by Australia's 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”.

Common financial inclusion strategies-07


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)

Gen Advisory has the expertise to advise ADIs and FinTechs on the following

aspects of financial inclusion:



Financial inclusion action plans (FIAPs)


Financial inclusion strategies

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Root causes of financial inclusion

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The needs of the

financially excluded 


A systemic approach to financial inclusion

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