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Unveiling Challenges: The Power of Global Financial Inclusion

In: Financial Resilience and Environmental Sustainability

Author

Listed:
  • Yashomandira Kharde

    (Symbiosis Institute of Operations Management, Symbiosis International (Deemed University))

  • Prasad Vasant Joshi

    (Symbiosis Institute of Operations Management, Symbiosis International (Deemed University))

  • Debadarshini Hota

    (Symbiosis Institute of Operations Management, Symbiosis International (Deemed University))

Abstract

Financial inclusion is a vital concept that aims to ensure that individuals and communities can access affordable and quality financial services. Financial inclusion is multi-dimensional. It aims for the availability of low-income households access such as savings, credit, and insurance available from formal institutions. Due to the lack of access to financial services for a significant portion of the population, the world′s banking sector is still in its infancy. Employment, economic progress, the eradication of poverty, and social cohesion all depend on poor and vulnerable populations having access to the banking system (Ahmad Malik, F., & Yadav, D. K. (2022). Financial Inclusion Schemes and Changing Socio Economic Status of Poorest of the Poor BT - Financial Inclusion Schemes in India (F. Ahmad Malik & D. K. Yadav (eds.); pp. 109–130). Springer Nature Singapore. https://doi.org/10.1007/978-981-19-1316-7_5). Access to the banking system will provide the chance to save and invest, assisting the country in breaking the cycle of poverty. Financial inclusion is significantly instrumental in overcoming the challenges faced by economies to benefit all strata of society. However, the successful implementation of financial inclusion globally poses multiple challenges from multiple perspectives, including operational, strategic, social, technological and economic. Some challenges are geo-specific, while others are universal. It is essential to recognize these challenges as they will aid in providing solutions for better financial inclusion. The chapter intends to identify and collate the global challenges in implementing financial inclusion. The study considers the representation of the world with economies from developed, developing and under-developed nations. The countries considered for the chapter are the United Kingdom, Sweden, Canada, India, Brazil, Nigeria, Uganda, Bangladesh and Myanmar.

Suggested Citation

  • Yashomandira Kharde & Prasad Vasant Joshi & Debadarshini Hota, 2025. "Unveiling Challenges: The Power of Global Financial Inclusion," Springer Books, in: Firdous Ahmad Malik & Samriti Mahajan & Devendra Kumar Yadav & Naveed Ahmad Lone & Shahid Amin (ed.), Financial Resilience and Environmental Sustainability, pages 25-51, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-4269-4_2
    DOI: 10.1007/978-981-96-4269-4_2
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