Access to financial services, or “financial inclusion,” has long been recognized as a critical step towards escaping poverty. Having a bank account enables people to protect their savings, diversify risk, lower transaction costs and access credit to invest in their human or physical capital.
Financial inclusion has become a top priority for international agencies like the World Bank and the IMF, as well as for nonprofits like the Bill and Melinda Gates Foundation, which also has donated millions to fund financial inclusion initiatives across the world.
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