Financial inclusion

Financial inclusion is access to useful, affordable financial products and services for individuals and businesses. It includes the ability to use them safely and effectively.

Financial access: The ability of individuals and businesses to obtain financial services when needed. Physical and digital access determine whether services are reachable.
Mobile money: A digital service that lets users store and transfer money through mobile devices, often without a bank account. Mobile money has brought basic transactions to people beyond bank networks.
Unbanked: People or businesses that lack an account at a formal financial institution. The unbanked population is a common measure of exclusion from formal services.
Universal basic income: A regular cash payment provided to everyone in a political community without means testing or work requirements. It addresses economic security through income transfers, not access to financial services.
Data privacy: The protection and appropriate use of information relating to identifiable people. Digital financial services collect data that can enable access or expose users to misuse.
Digital financial services: Financial products and transactions delivered through digital devices and networks. Mobile channels can extend services beyond conventional bank branches.
Agent banking: The delivery of financial services through authorized local businesses acting for a financial institution. Agents bring cash-in, cash-out, and account services closer to underserved communities.
Underbanked: People or businesses with limited use of formal financial services despite having some access. Account ownership can coexist with unmet needs for credit, payments, or savings.
Cash transfer: A payment of money to an individual or household, often provided by a government or aid organization. Transfers can deliver resources directly without establishing lasting financial access.
Algorithmic bias: Systematic unfairness in outcomes produced by algorithmic systems, often affecting particular groups. Automated credit decisions can reproduce exclusion through biased data or models.

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