Enabling everyone in the world to gain access to quality financial services is a goal of major development significance, and with many active players creating great momentum, it is no longer simple wishful thinking to call for financial inclusion within a reasonable timeframe.
OUR MAIN MESSAGE
When we look around the world today, we are both astonished by the progress and daunted by the gaps that remain. CFI’s vision puts quality and value for the customer at the heart of financial inclusion, and these considerations take on new urgency in the rush to scale. In the progress reports, we cite a particular concern with the customer side of the equation. It is on this side of the equation that the sector must now increasingly concentrate, even as it continues to create robust transactional rails. The challenge involves national policymakers, regulators, financial service providers of all types, non-profits, and global bodies. As you read the reports you will see just how many efforts all these players are making. Despite the fact that we can cite and celebrate dozens of examples, we find that in many areas, such as financial capability, the level of effort is not yet commensurate with the challenge at hand, and large shifts are called for, both in deployment of resources and in assignment of roles and responsibilities. Overall, we find that meaningful financial inclusion requires providers to take on greater responsibility for customer value.
ABOUT THIS REPORT
In this report we present our assessment of progress toward global financial inclusion through the lens of five topics that will shape the future of financial inclusion: Addressing Customer Needs, Client Protection, Credit Reporting & Data, Financial Capability, and Technology. The report provides a qualitative and interactive assessment of who is doing what, celebrating the most significant accomplishments, and highlighting the gaps that constitute the agenda for the coming years. It is a companion piece to our quantitative review, By the Numbers, released earlier this year.
We’ve started each topic of conversation with a number between 0 and 10. These are our scorecards on the state of progress in each topic area. We invite you to use the interactive feature on the website to cast your own vote and compare your scores to ours. Go ahead, disagree with us! While we stand behind the research and analysis that went into our scores, they are—of course! – our own, and they attempt to give a global look, despite the fact that progress varies greatly from one context to another. Most of all, consider with us the ways to close the gaps so that each of the scores rises to 10. That’s the point of this exercise after all: to diagnose where we are today in order to work toward a future of full, meaningful financial inclusion.