Bridging the Gap: Making the Financial Services Accessible to the Vulnerable Sections of the Society
摘要
Inclusive Finance is a vital component to develop economy sustainably, yet vulnerable sections of society like low-income groups, females, rural population and transgender individuals, senior citizens, Peoples with Disabilities (PWDs), and socially excluded communities often face significant barriers to accessing financial services. Some barriers to financial inclusion stem from inadequate infrastructure, shallow financial literacy, and sociocultural factors that limit open access. Exclusion from finance services does not only inhibit self-development but adds fuel to the socio-economic divergence which retards national or international development. Not only is Financial Inclusion a tool for economic advancement, but it is also a building block that empowers the marginalized by allowing them to save, invest, access credit, and ensure with positive transformation in their social wellbeing. This chapter analyses the systematic problems, sheds light on successful global models, and proposes a strategy to address the unconformities of accessibility. It suggests how well-defined policies, financial services, and participatory approaches from the grassroots can help tackle some of these challenges. With understanding the principles of Yunus, Sen, and the most recent changes in technology, this chapter offers a handbook to everyone who endeavours to promote an inclusive finance realm, including students, policymakers and other stakeholders. In addition, there is a need to strengthen collaboration among stakeholders and utilize cutting-edge technologies such as mobile banking and Artificial Intelligence (AI), in addition to implementing the fundamental principles of digital and community citizenship to strive for positive change alongside equitable gender and social participation to ill and needy segments.