We need Financial Inclusion for a brighter future
Financial inclusion is defined as the technique of providing financial and banking services and solutions to everyone in society. Financial inclusion has several prime objectives, however, one of the main objectives is to bring basic financial services closer to the underserved, underbanked and unbanked populations. Currently, 3 billion people around the world are unbanked and underbanked. To combat this, CrowdForce is building a platform that will make financial, digital, and banking services available to every population. At CrowdForce, we believe that the importance of financial inclusion cannot be overstated.
Offering trustworthy financial solutions
It focuses mainly on offering reliable financial solutions to members from the poorer sections of the society while treating them fairly. Financial inclusion also focuses on maintaining transparency while providing people with financial help, without some hidden costs or transactions.
Participation in financial management
Many poor households around the world lack access to even basic financial services and some homeowners are not aware of financial institutions and their functions. This exclusion could be due to an inability to satisfy the minimum eligibility criteria specified by banks, such as age criteria, minimum credit score, or the inability to provide sufficient valid documents, such as income proof or identity proof. Financial inclusion aims to include every member of the society in proper financial management and seeks to provide them with financial services without any discrimination.
Offering a formal line of credit
For many years, formal types of credit could only be procured by the high and middle classes of society. As a result, the poor relied on informal and unorganized forms of credit. Financial inclusion aims to remove all barriers and provide the poor sections of the society with affordable financial services. It has the objective of developing systematic and formal credit avenues for all populations.
Improving financial literacy
Financial inclusion also attempts to improve financial awareness and financial literacy in the country. It aims to introduce poorer people to digital financial solutions and bring in mobile-based financial or banking services to help those from the economically underprivileged sections of the society. It strives to offer financial solutions to individuals according to their own income levels, preferences, household needs, specific financial condition etc.
