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Financial inclusion, sustainability and sustainable development

Author

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  • Ozili, Peterson K

Abstract

Given the growing interest in financial inclusion, the possibility of integrating financial inclusion into the sustainability and sustainable development agenda needs to be explored. The purpose of this conceptual paper is to establish a link between financial inclusion, sustainability and sustainable development. The paper used discourse analysis to establish a link between financial inclusion, sustainability and sustainable development. It was argued that financial inclusion contributes to sustainable development by ensuring that access to basic financial services is guaranteed in a sustainable way, and basic financial services are provided in a sustainable way and based on sustainability principles to yield lasting impact for sustainable development. This approach links financial inclusion to sustainable development through the adoption of sustainability principles in offering basic financial services to banked adults. The paper also argued that financial inclusion is more relevant for the economic dimension and social dimension of sustainable development because financial inclusion improves the economic conditions and social welfare of banked adults while it only provides limited benefits for the environmental dimension of sustainable development. There is a need for a merger between financial inclusion and sustainable development based on sustainability principles. This will require polices that integrate financial inclusion to the sustainable development agenda.

Suggested Citation

  • Ozili, Peterson K, 2023. "Financial inclusion, sustainability and sustainable development," MPRA Paper 118880, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:118880
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    References listed on IDEAS

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    1. Peter Dittus & Michael Klein, 2011. "On harnessing the potential of financial inclusion," BIS Working Papers 347, Bank for International Settlements.
    2. Helena Susana Amaral Geraldes & Ana Paula Matias Gama & Mário Augusto, 2022. "Reaching Financial Inclusion: Necessary and Sufficient Conditions," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 162(2), pages 599-617, July.
    3. Costanza, Robert & Patten, Bernard C., 1995. "Defining and predicting sustainability," Ecological Economics, Elsevier, vol. 15(3), pages 193-196, December.
    4. Harris, Jonathan M., 2000. "Basic Principles of Sustainable Development," Working Papers 15600, Tufts University, Global Development and Environment Institute.
    5. Allen, Franklin & Demirguc-Kunt, Asli & Klapper, Leora & Martinez Peria, Maria Soledad, 2016. "The foundations of financial inclusion: Understanding ownership and use of formal accounts," Journal of Financial Intermediation, Elsevier, vol. 27(C), pages 1-30.
    6. Maria Manta Conroy & Philip R Berke, 2004. "What Makes a Good Sustainable Development Plan? An Analysis of Factors That Influence Principles of Sustainable Development," Environment and Planning A, , vol. 36(8), pages 1381-1396, August.
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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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