Impact of financial inclusion on poverty alleviation

Financial inclusion plays a crucial role in poverty alleviation by providing access to financial services and resources to individuals living in poverty. When individuals have access to banking services, credit, and insurance, they are better able to save, invest, and protect themselves against financial shocks. This helps to create opportunities for economic growth, entrepreneurship, and increased income, ultimately leading to a reduction in poverty levels. Additionally, financial inclusion can also promote financial literacy and empower individuals to make informed decisions about their finances, breaking the cycle of poverty and contributing to overall economic development.

This mind map was published on 21 February 2024 and has been viewed 139 times.