At Payment Solutions International, we believe firmly in the fundamental economic principle of Financial Inclusion.
According to The Banking Association of South Africa, “Financial Inclusion refers to access and usage of a broad range of affordable, quality financial services and products, in a manner convenient to the financially excluded, unbanked and under-banked, in an appropriate but simple and dignified manner with the requisite consideration to client protection. Accessibility should be accompanied by usage supported by financial education. The key principles of Financial Inclusion are access, affordability, appropriateness, usage, quality, consumer financial education, innovation, diversification and simplicity.”
The United Nations defines the goals of Financial Inclusion as follows:
- access at a reasonable cost for all households to a full range of financial services, including savings or deposit services, payment and transfer services, credit and insurance;
- sound and safe institutions governed by clear regulation and industry performance standards;
- financial and institutional sustainability, to ensure continuity and certainty of investment; and
- competition to ensure choice and affordability for clients
“The stark reality is that most poor people in the world still lack access to sustainable financial services, whether it is savings, credit or insurance. The great challenge before us is to address the constraints that exclude people from full participation in the financial sector. Together, we can and must build inclusive financial sectors that help people improve their lives.” Kofi Anan 2003