Decentralized financial inclusion initiatives for underserved communities

Financial inclusion means ensuring that all people and businesses can obtain and buy financial products and services, no matter how much money they have or how big their business is. Financial inclusion aims to eliminate the issues that keep people from both working in the financial industry and using financial services to improve their lives. On its website, the World Bank states that financial inclusion “makes daily life easier and helps families and businesses plan for everything from long-term goals to sudden emergencies.” Furthermore, it adds that “as account holders, people are more likely to use other financial services, such as savings, credit and insurance, start and expand businesses, invest in education or health, manage risk and weather financial shocks, all of which can improve the overall quality of their lives.”

Barriers to financial inclusion have been a challenge for a long time although several factors are making it easier for more people to gain the financial service…