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Jakarta Post

Analysis: Understanding financial inclusion to expand financial services

  • Andjarsari Paramaditha

    Mandiri

Jakarta   /   Wed, July 10 2019   /  02:50 am

The Asian economy grew rapidly in the past five decades, but there are still significant numbers of people who remain in poverty caused by inequality in wealth distribution. One of the key factors to lift them from poverty is better and wider access to finance. Financial inclusion has been a major global concern. However, a more holistic view of financial inclusion supports the importance of access to a broader range of financial services, including savings, insurance, pensions and payments. These instruments will also support the credit side, underscoring complementarity and interdependence relationship between these instruments. The changing landscape of financial services is also being reshaped by the digital technology revolution as well as new business models.According to World Bank’s 2017 Global Findex, Indonesia made the most progress in terms of getting its adult citizens to ga...