December 8, 2016
This post originally appeared on the U.S. Dept of Treasury website. Permission granted to include associated fact sheet.
Access to safe and affordable financial services enables individuals and families to transfer money and make payments; save to manage income volatility; achieve specific goals; build long-term financial security; use credit to take advantage of opportunities like starting a business; and insure themselves against life’s many risks. Progress on financial inclusion has helped stimulate broad-based economic growth in both developed and developing economies and is critical to reaching the Sustainable Development Goals adopted by the international community in 2015.
This Administration, led by the U.S. Department of the Treasury and the U.S. Agency for International Development (USAID), has made financial inclusion a policy priority, resulting in major advances. In the United States, between 2011 and 2015 the unbanked rate – the percent of households who do not have their basic transaction needs met by a bank – fell by 15 percent to a historic low of seven percent of the population. Worldwide, between 2011 and 2014, the work of many countries and their partners reduced the number of adults without access to formal financial services by 20 percent from 2.5 billion to 2.0 billion.
Read full brief here>>