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9Social and Financial Inclusion

We are all familiar with the notion of financial and social inclusion—to ensure that people of all backgrounds are seen, heard, and considered in our society. But what does this mean in practice? How do we ensure that everyone has access to the necessary social and financial resources and services to participate fully in our society? To answer these questions, we must deep dive into the very terminology of social and financial inclusion, as well as the policies and programs that create opportunities for all.

First, let's define the term financial inclusion. This is used to refer to the idea that everyone should have access to basic financial services, such as bank accounts and credit. In 2020, financial inclusion became more important than ever in light of the global pandemic and its effects on vulnerable populations—especially for those who lost their jobs, or those who had difficulty accessing funds due to lack of banking infrastructure. Financial inclusion became even more important in helping these groups access the necessary resources and services needed in order to survive and thrive.

The United Nations has made financial inclusion an enabler for seven of the 17 Sustainable Development Goals (SDGs), specifically those related to poverty reduction, gender equality, and access to healthcare. The World Bank Group (WBG) is a leading actor in promoting financial inclusion worldwide, with the goal of helping vulnerable populations gain access ...