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What role do financial institutions play in financial inclusion?

Curious about financial inclusion

What role do financial institutions play in financial inclusion?

Financial institutions can play a significant role in promoting financial inclusion by providing financial services to underserved populations, such as lowincome households, small businesses, and rural communities. These services can include opening bank accounts, providing loans, and facilitating digital payments.

Financial institutions can also design and offer innovative financial products and services that are tailored to the needs and preferences of their clients, which can help to increase financial literacy and awareness. By expanding their reach and serving new markets, financial institutions can contribute to economic growth and stability while promoting financial inclusion. Additionally, financial institutions can collaborate with governments, nongovernmental organizations, and other stakeholders to implement policies and programs that support financial inclusion.

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