Financial Inclusion Tools

yousef8 July 2022Last Update : 2 years ago
Financial Inclusion Tools

Financial inclusion tools are a set of tools that make it easier for companies and individuals to deal with daily financial tasks safely. It depends on the use of the mobile, which we explain in the following:

Banks and other banking institutions

It encouraged the expansion of the use of financial services and facilitated access to them.

digital financial technology

With the proliferation of mobile phones and the availability of internet services, this technology has helped expand access to financial services.

digital identities

Facilitate opening bank accounts.

Digitizing cash payments

Expand the base of use of transactional accounts

Mobile financial services

Providing the spread of financial services and their access to remote and remote areas.

Increase availability of customer data

It helps provide the needs of individuals who do not have bank accounts. With the rapid electronic development, the whole world is seeking to develop financial inclusion tools, innovate modern financial technologies, and develop electronic tools and systems that contribute to enhancing access to financial finance and financial services, so countries have begun implementing policies in addition to infrastructure reforms that enhance digital financial inclusion.

The importance of using financial inclusion tools

Financial inclusion tools positively affect societies and the groups that use them, such as the search for upgrading the societal level and improving the financial situation.

We mention in the following the importance of financial inclusion tools: Increasing savings rates.

Reducing poverty levels.

Developing the standard of living.

Providing investment opportunities.

Supporting start-ups and small businesses.

Future goals of financial inclusion tools

Financial institutions seek to achieve a set of goals resulting from the use of financial inclusion tools over time, and we mention in the following the most important of these goals: increasing the number of bank accounts for individuals, and increasing the number of commercial customers, by attracting them by providing them with all facilities.
The dominance and activation of digital services and electronic transactions.
Reducing the level of indebtedness to customers, and providing a suitable lending system for both individuals and small business owners.
Developing financial culture by providing digital cultural financial training programs, and involving people in these programs in cooperation with specialized companies.

Categories affected by financial inclusion tools

In general, the whole world is affected by financial inclusion and its tools, and we mention in the following the most important groups that are considered to be particularly targeted: Women, young refugees, the poorest groups These previous groups are considered the least fortunate in financial matters, so financial inclusion tools have been developed that facilitate them to carry out financial operations without the need Someone else does it, especially the unemployed youth, women housewives and other groups.

The concept of financial inclusion

Financial inclusion is the ability to access comprehensive financial services and products by companies or individuals, to achieve the desired goals effectively and with high quality for an appropriately reasonable cost in a safe and sustainable manner, and to protect the rights of users and encourage their financial activities, and these financial services and products include the following: Bank savings accounts.
Current accounts. Payment and transfer services. Finance and credit. Creating appropriate financial services at competitive prices.

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