Today, 2.7 billion adults, more than half of the world’s working-age population, do not have access to financial services that would allow them to save money securely, borrow money affordably, make payments knowledgeably, and insure themselves against potential hardships or risk.
Enabling underserved and excluded communities to participate in the formal financial sector has tremendous potential to create social and economic gains for individuals, private enterprises, and societies as a whole.
Innovations and collaborative solutions are needed to make comprehensive financial services available to all. To spotlight and support these critical solutions, the G2012 Mexico and Ashoka Changemakers have partnered to launch the G2012 Mexico Financial Inclusion: Innovative Solutions for Unlocking Access competition.
This competition seeks innovations that address barriers to financial inclusion, such as:
- Physical or other accessibility barriers that prevent communities from reaching financial services,
- The shortage of affordable financial products tailored to the needs of underserved and excluded communities, and
- The lack of incentives for financial service providers to continue serving low-income, poor, or marginalized communities.
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