Between 50 and 80 percent of adults in many developing countries have inadequate access to financial services, finds a new World Bank policy research report entitled “Finance for All? Policies and Pitfalls in Expanding Access”. Failure to provide more households and small and medium enterprises with the financial services they need acts as a brake on development.
While noting the microfinance industry’s progress in delivering credit to poor people, the report calls for a broader financial strategy that delivers services to all excluded people and firms. Inclusive financial systems ultimately benefit the poorest people and the smallest firms the most, by creating more jobs, raising incomes, and generating more opportunities for small businesses, the report says.
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