Financial Inclusion As A Factor Of Socio-Economic Development[Финансовая Инклюзивность Как Фактор Социально-Экономического Развития]

The purpose of the article is to reveal scientific and practical approaches to the definition of the concept and place of financial inclusion in the system of factors of socio-economic development. The methodology of the research is based on the application of methods of theoretical generalization and abstract-logical analysis in the systematization and generalization of scientific approaches to understanding financial inclusion. As a result, we have studied the evolution of the concept of «inclusion» from the sphere of analysis of social processes at the level of social groups (including various social relations) to the macroeconomic level. It is revealed that various interpretations of the concept of «financial inclusion» contain its definition as a «process», «stage» or «state» (development). Financial inclusion is established to be one of the factors of economic development, and also the need to study the role of financial inclusion among the factors of socio-economic development is justified. The author's definition of the concept of financial inclusion is proposed. An alternative view on the definition of financial inclusion is substantiated based on its opposite – financial exclusivity, which is either voluntary (self-exclusivity) or compulsory and is determined by four groups of reasons. The consensus formed in the scientific literature on the three main components of financial inclusion: coverage, use and quality of financial services is analyzed. Positive factors and risks of financial inclusion development, as well as negative aspects of financial exclusivity are identified.