How does financial inclusion impact the unbanked population?

Financial inclusion can have a significant impact on the unbanked population, which refers to individuals who do not have access to formal financial services such as savings accounts, credit, insurance, and other financial products. By promoting financial inclusion, unbanked individuals can gain access to financial services and products that can help them save money, invest in their future, and manage risks.

Financial inclusion can provide unbanked individuals with the means to start small businesses or pursue education and training that can help them secure betterpaying jobs, which can help lift them out of poverty. It can also provide individuals with access to credit that can help them finance a home, pay for education or healthcare, or start a business.

Moreover, financial inclusion can reduce the risks associated with poverty, such as vulnerability to exploitation and financial shocks, by helping individuals to build financial resilience and security through savings and insurance products.