Financial inclusion, active bank accounts, and poverty reduction in India

2021 ◽  
pp. 251-269
Author(s):  
Tony Cavoli ◽  
Ilke Onur ◽  
Patricia Sourdin
Keyword(s):  
Poverty Reduction ◽  
Financial Inclusion ◽  
Bank Accounts

scholarly journals FINANCIAL INCLUSION AND POVERTY ALLEVIATION AMONG SMALLHOLDER FARMERS IN ZIMBABWE

2020 ◽  
Vol 8 (3) ◽  
pp. 168-182
Author(s):  
David Mhlanga ◽  
◽  
Steven Henry Dunga ◽  
Tankiso Moloi ◽  
◽  
...  
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Poverty Reduction ◽  
Smallholder Farmers ◽  
Financial Education ◽  
Financial Inclusion ◽  
Strong Impact ◽  
Development Goals ◽  
The Government ◽  
The Impact

The study sought to investigate the impact of financial inclusion on poverty reduction in Zimbabwe among the smallholder farmers. It is alleged that financial inclusion can help in achieving seven of the seventeen sustainable development goals (SDGs), which include poverty eradication in all its forms everywhere, ending hunger, achieving food security, ensuring improved nutrition as well as promoting sustainable agriculture and many others. Using the simple regression method, the study discovered that financial inclusion has a strong impact on poverty reduction among smallholder farmers. The study went on to discover that, for the government to tackle poverty especially among the smallholder farmers, it is important to ensure that farmers do participate in the financial sector through saving, borrowing and taking out insurance among other services. So, it is important for the government of Zimbabwe to fully implement policies that encourage financial inclusion such as making sure that farmers find it easy to access financial institutions and encouraging financial institutions to review transaction costs like bank account opening charges periodically, implementing financial education programs among the farmers because these variables are important in influencing farmers to participate or preventing them from using financial services.

scholarly journals Empowering Women through Financial Inclusion in Zimbabwe Is the Gender Gap Not Encroaching This Noble Cause?

2021 ◽  
Vol 8 (1) ◽  
pp. 53-64
Author(s):  
Lettiah Gumbo ◽  
Precious Dube ◽  
Muhammad Ridwan
Keyword(s):  
Economic Growth ◽  
Gender Gap ◽  
Financial Services ◽  
Poverty Reduction ◽  
National Development ◽  
Financial Inclusion ◽  
Financial Products ◽  
Research Findings ◽  
The Government ◽  
Financial Awareness

One of the most effective catalysts of economic growth of any nation is obviously financial inclusion. However, in developing countries such as Zimbabwe gender gap is still an impediment to the achievement of financial inclusion for all. Research findings for this paper show that, increasing women’s financial opportunities and financial awareness on how to access financial products and services will go a long way in reducing the gender gap. Furthermore, increasing access to and use of quality financial products and services is essential to inclusive economic growth and poverty reduction. Although the government of Zimbabwe is taking steps to increase women financial inclusiveness, research shows that women in Zimbabwe trail behind men in as far as access to financial services is concerned. Zimbabwean communities remain dominantly patriarchal and women are always lagging behind in developmental projects meant for their empowerment. This paper seeks to assess the implementation of women’s financial inclusion highlighting opportunities and barriers such as the gender gap and how this may be overcome. The study is qualitative in nature and therefore makes use of interviews and questionnaires for data collection. It is envisioned by the researchers that the research findings will be beneficial to women; their empowerment and development and national development. It is hoped to change the way in which the banking and financial sectors deal with women’s financial inclusion for the betterment of their livelihoods.  Furthermore, women’s financial empowerment will improve livelihoods of many families given the caring nature of mothers, sisters, aunts and grandmothers.

Financial Inclusion in India

2016 ◽  
pp. 95-104
Author(s):  
Rohit Bhattacharya
Keyword(s):  
Financial Services ◽  
Poverty Reduction ◽  
Significant Proportion ◽  
Financial Inclusion ◽  
Vulnerable Groups ◽  
Working Paper ◽  
Road Map ◽  
The Poor ◽  
Financial Exclusion ◽  
The World

The concept of Financial Inclusion is not a new one. It has become a catchphrase now and has attracted the global attention in the recent past. Lack of accessible, affordable and appropriate financial services has always been a global problem. It is estimated that about 2.9 billion people around the world do not have access to formal sources of banking and financial services. India is said to live in its villages, a convincing statement, considering that nearly 72% of our population lives there. However, a significant proportion of our 650,000 odd villages does not have a single bank branch to boast of, leaving swathes of the rural population in financial exclusion. RBI has reported that the financial exclusion in India leads to the loss of GDP to the extent of one per cent (RBI, Working Paper Series (DEPR): 8/2011). Financially excluded people, consistently, depend on money lenders even for their day to day needs, borrowing at excessive rates to finally get caught in a debt trap. In addition, people in far-off villages are completely unaware of financial products like insurance, which could protect them in adverse situation. Therefore, financial inclusion is a big necessity for our country as a large chunk of the world's poor resides here. Access to finance by the poor and vulnerable groups is a prerequisite for poverty reduction and social cohesion. Present paper is an attempt to highlight the present efforts of financial inclusion in India its future road map, its challenges etc.

scholarly journals Artificial Intelligence-Enhanced Predictive Insights for Advancing Financial Inclusion: A Human-Centric AI-Thinking Approach

2020 ◽  
Vol 4 (2) ◽  
pp. 8 ◽  
Author(s):  
Meng-Leong How ◽  
Sin-Mei Cheah ◽  
Aik Cheow Khor ◽  
Yong Jiet Chan
Keyword(s):  
Artificial Intelligence ◽  
World Bank ◽  
Poverty Reduction ◽  
Service Providers ◽  
Financial Inclusion ◽  
Social Good ◽  
Financial Products ◽  
The World Bank ◽  
Key Factor ◽  
Legacy Data

According to the World Bank, a key factor to poverty reduction and improving prosperity is financial inclusion. Financial service providers (FSPs) offering financially-inclusive solutions need to understand how to approach the underserved successfully. The application of artificial intelligence (AI) on legacy data can help FSPs to anticipate how prospective customers may respond when they are approached. However, it remains challenging for FSPs who are not well-versed in computer programming to implement AI projects. This paper proffers a no-coding human-centric AI-based approach to simulate the possible dynamics between the financial profiles of prospective customers collected from 45,211 contact encounters and predict their intentions toward the financial products being offered. This approach contributes to the literature by illustrating how AI for social good can also be accessible for people who are not well-versed in computer science. A rudimentary AI-based predictive modeling approach that does not require programming skills will be illustrated in this paper. In these AI-generated multi-criteria optimizations, analysts in FSPs can simulate scenarios to better understand their prospective customers. In conjunction with the usage of AI, this paper also suggests how AI-Thinking could be utilized as a cognitive scaffold for educing (drawing out) actionable insights to advance financial inclusion.

Financial Inclusion and Poverty Reduction

2016 ◽  
Vol 63 (4) ◽  
pp. 689-701
Author(s):  
Ayushi Raichoudhury
Keyword(s):  
Poverty Reduction ◽  
Financial Inclusion

scholarly journals ANALISIS FINANCIAL INCLUSION TERHADAP PEMBERDAYAAN MASYARAKAT MISKIN DI MEDAN (STUDI KASUS PEMBIAYAAN MIKRO SS II DI BANK SUMUT SYARIAH)

2017 ◽  
Vol 2 (1) ◽  
Author(s):  
Hairatunnisa Nasution ◽  
Yasir Nasution ◽  
Muhammad Yafiz
Keyword(s):  
Financial Services ◽  
Poverty Reduction ◽  
Financial Inclusion ◽  
Government Programs ◽  
The Public ◽  
The Poor ◽  
Lofty Goal ◽  
Inclusion Theory ◽  
Islamic Economic ◽  
Economic Understanding

This research aims to analyze the financial inclusion towards the empowerment of the poor in Medan through financing Sumut Sejahtera of the Bank Sumut Syariah. More specifically the research aims to know 1) the concept of financial inclusion that is implemented as a means of expanding access to financial services of banks and non-banks, 2) the application of the financial inclusion  Bank Sumut Syariah. Bank Sumt Syariah have significant role in the economic development of the community through a variety of financing micro, Financing of the Sumut Sejahtera. This financing facility has a lofty goal given to the community pre-prosperous society who have a business but not bankable feasibility so as to be worthy of being a customer of the bank, as well a improve people’s lives and help government programs in the framework of poverty reduction. The applicaton of financial inclusion on the financing Sumut Sejahtera of the Bank Sumut Syariah has been very clear benefits in the economic society prosper who enforce the interests for the public good. It is a basic principle in Islamic economic maqashid al-syariah. For financial inclusion theory maqashid al-syariah is one of the logical effort that must be applied as a consequence of the economic understanding of justice on one side and of religious on the other side.

scholarly journals Relationship between Sustainable Financial Services and Poverty Reduction in Nigeria - Evidence from Error Correction Model

2013 ◽  
Vol 2 ◽  
pp. 39-50
Author(s):  
Taiwo Adewale Muritala ◽  
Ismail O. Fasanya
Keyword(s):  
Error Correction ◽  
Financial Services ◽  
Poverty Reduction ◽  
Critical Role ◽  
Final Analysis ◽  
Error Correction Model ◽  
Financial Inclusion ◽  
Poor People ◽  
Financial Deepening ◽  
Correction Model

The inflexibility of poverty is being met with increasing impatience from governments of diverse ideologies, donors and other international agencies. Recent data compilations show that many poor and non-poor people in many developing countries face a high degree of financial exclusion and high barriers in access to finance. Therefore, financial inclusion plays a critical role in reducing poverty. Hence, this paper examines the relationship between sustainable financial services and poverty reduction in Nigeria from 1965 - 2010 using Error Correction Model (ECM). It was observed that total value prime lending rate, financial savings, credit to private sector and rate of inflation all have significant impact on the financial deepening. In the final analysis, the study concludes that financial inclusion tends to strengthen financial deepening and provide resources to the banks to expand credit delivery thereby leading to financial development. The study therefore recommends that these findings, in turn, will inform the policy makers and stakeholders to build more inclusive financial systems

Determining the nexus between financial inclusion and economic development in Pakistan

2019 ◽  
Vol 22 (2) ◽  
pp. 195-209 ◽  
Author(s):  
Muhammad Subtain Raza ◽  
Jun Tang ◽  
Sana Rubab ◽  
Xin Wen
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Data Analysis ◽  
Positive Relationship ◽  
Meta Analysis ◽  
Financial Inclusion ◽  
Content Type ◽  
Bank Branches ◽  
Bank Accounts ◽  
The Government

PurposeThis paper aims to evaluate the relationship between financial inclusion and economic development in Pakistan based on available sources of detailed data and assess its outcome of financial inclusion on basic standards of life, then accord relevant recommendations to prompt economic growth and development.Design/methodology/approachThe research design selected for data analysis was meta-analysis, besides, data analysis over the period 2010-2015 was performed by using a descriptive statistical approach, regression and correlation analysis, i.e. the Pearson correlation matrix.FindingsThe authors find a positive relationship between financial inclusion and economic development, resultantly; increase in financial inclusion may lead to an increase in economic development. In detail, the number of the number of bank accounts (per 1,000 adult population) and the number of bank branches (per 100,000 people) have a positive relationship with human development index (HDI). Where else the amount of automated teller machines per 1,000 km2(per cent) reveals a negative relationship.Practical implicationsThe study has shown that expand financial access such as strengthen the establishment of bank accounts and bank branches can increase economic development in Pakistan. That is the government should focus on the financial inclusion policies as a means of ameliorating poverty, through a participation of all economic agents in the financial system. There is an utmost need for the Government of Pakistan to prioritize the importance of financial inclusion.Originality/valueThe novelty of the study is taken HDI and three representative indicators as a measurement of economic growth and financial inclusion, respectively, meanwhile, meta-analysis, multivariate regression model sum up that poverty alleviation is connected with the development of a more inclusive financial services sectors.

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