It included it within its presidency of the G20 .. What...

1.7 billion people in various countries are deprived of its services

Financial inclusion has become one of the specialized policies in achieving sustainable development in any country in the world, and it also contributes, directly or indirectly, to achieving 11 goals out of 17 goals in the 2030 Sustainable Development Plan, launched by the United Nations in 2015, according to the World Bank. Financial inclusion means providing individuals and companies with access to useful, affordable financial products and services, provided in a responsible and sustainable manner, that meet their transaction needs, including payments, savings, transfers, credit and insurance services.

And the imposition of financial inclusion itself as a necessity, an urgent need during the financial crisis that ravaged many economies in the world in 2008, and in light of the World Bank’s consideration of it as a major factor in reducing poverty and promoting prosperity, countries began to pay attention to achieving financial inclusion for their citizens, according to the report of “Base Data of the Global Financial Inclusion Index for 2017, issued by the World Bank, and included more than 140 countries. The proportion of adults who own bank accounts reached 69 percent worldwide, an increase of seven percentage points from 2014, which means that 515 One million adults benefited from financial services within three years.

Despite the progress in achieving financial inclusion, what is striking in the previous report of the World Bank is that 31 percent of the number of individuals in the world, equivalent to nearly a third of its population, and their number reaching 1.7 billion adults are still deprived of the services of financial inclusion. ; This represents a problem that required the attention of the concerned authorities in the world, including the G20, whose finance ministers in Germany confirmed in 2017, the group’s commitment to promoting financial inclusion worldwide; Due to the importance of the issue, Saudi Arabia has included it among the priorities of its Presidency of the G20 2020 program.

The Saudi G20 Presidency’s interest in financial inclusion was embodied in allocating an independent framework for the issue, out of nine frameworks included in the “Human Empowerment” axis, and the framework was titled “Enhancing Financial Inclusion for Women and Youth.” The title notes the Kingdom’s focus in its vision to address the issue on women and youth As they are the most in need of financial services around the world, and the Kingdom’s vision in solving the problem is based on the focus of the Group of Twenty during the year of the presidency on harnessing new and innovative technologies to enable the less privileged groups to gain access to financial services, and digital technology represents the effective solution to the issue; In light of the tremendous potential it provides to facilitate human life and achieve their well-being.

G20 Financial Inclusion Summit

1.7 billion people in various countries are deprived of its services

Financial inclusion has become one of the specialized policies in achieving sustainable development in any country in the world, and it also contributes, directly or indirectly, to achieving 11 goals out of 17 goals in the 2030 Sustainable Development Plan, launched by the United Nations in 2015, according to the World Bank. Financial inclusion means providing individuals and companies with access to useful, affordable financial products and services, provided in a responsible and sustainable manner, that meet their transaction needs, including payments, savings, transfers, credit and insurance services.

And the imposition of financial inclusion itself as a necessity, an urgent need during the financial crisis, which hit many economies in the world in 2008, and in light of the World Bank’s consideration of it as a major factor in reducing poverty and promoting prosperity, countries began to pay attention to achieving financial inclusion for their citizens, according to the report of “Base Data of the Global Financial Inclusion Index for 2017, issued by the World Bank, and included more than 140 countries. The proportion of adults who own bank accounts reached 69 percent worldwide, an increase of seven percentage points from 2014, which means that 515 One million adults benefited from financial services within three years.

Despite the progress in achieving financial inclusion, what is striking in the previous report of the World Bank is that 31 percent of the number of individuals in the world, equivalent to nearly a third of its population, and their number reaching 1.7 billion adults are still deprived of the services of financial inclusion. ; This represents a problem that required the attention of the concerned authorities in the world, including the G20, whose finance ministers in Germany confirmed in 2017, the group’s commitment to promoting financial inclusion worldwide; Due to the importance of the issue, Saudi Arabia has included it among the priorities of its Presidency of the G20 2020 program.

The Saudi G20 Presidency’s interest in financial inclusion was embodied in allocating an independent framework for the issue, out of nine frameworks included in the “Human Empowerment” axis, and the framework was titled “Enhancing Financial Inclusion for Women and Youth.” The title notes the Kingdom’s focus in its vision to address the issue on women and youth As they are the most in need of financial services in the world, and the Kingdom’s vision in solving the problem is based on the focus of the Group of Twenty during the year of the presidency on harnessing new and innovative technologies to enable the less privileged groups to gain access to financial services, and digital technology represents the effective solution to the issue; In light of the tremendous potential it provides to facilitate human life and achieve their well-being.