Inclusive financial sectors: a global issue with an African perspective

An article on Financial Inclusion from the Commonwealth Finance Ministers Meeting 2007

By Richard Weingarten, Executive Secretary, UNCDF

This article, from UNCDF Executive Secretary Richard Weingarten, appeared in the publication for the Commonwealth Finance Ministers Meeting 2007

Although globalisation has been a key driver of the recent economic expansion that has benefited millions of people, these benefits have not been shared equitably either between or within countries. In many cases, particularly in Africa, globalisation has also served to intensify the income inequality gap. Although not a panacea, it is being increasingly realised that an inclusive financial system, one that ensures broad access to a wide range of financial services – from credit and savings to insurance and remittances – can help bridge this gap, leading to reduced poverty and sustained broad-based economic growth.

The complete article is available as a PDF file.