Financial Inclusion has always been considered imperative in reducing poverty and promoting economically inclusive growth. Enhanced access and greater use of financial services particularly among the poor enables them to manage their spending and savings behaviour and thus contribute to their overall well-being. With its importance established and re-established through various empirical studies, it would be interesting to have a broad overview of the current global financial inclusion picture.

Increase in account ownership but still a long way to go

As per the World Bank’s 2015 The Little Data book on Financial Inclusion, 62% of world’s adult population have an account. In absolute numbers, the number of unbanked adult population has reduced from 2.5 billion to 2 billion. In India, 53.1% of the adult population have an account. 

Opportunities in the digital space

The big opportunities stands in form of greater use of mobile accounts and digital means of payment which can rapidly drive financial inclusion. Improving the current percentage figures in these measures of financial inclusion can make the entire banking experience for the poor more easier, more affordable, and more secure.

Need to drive the financial inclusion for women

There is also a growing need to expand financial inclusion among the women particularly in India. While on a global perspective, 58% of women have an account, in India the share decrease to 43%.Concrete on ground actions is needed from all partners of development to throw up more encouraging numbers in the next release of Global Financial Inclusion Index.