Unlocking Opportunity: Advancing Financial Inclusion for Sustainable Development

Photo by Deepal Tamang on Unsplash

Introduction: The New Era of Financial Inclusion

Over the last decade, financial inclusion has evolved from a niche development goal to a mainstream priority for policymakers, international organizations, and private-sector innovators. As of 2025, 75% of adults in low- and middle-income countries (LMICs) now have access to a financial account, marking an 80% increase since 2011 [1] [2] . This progress, driven heavily by mobile phone and internet adoption, is delivering new pathways for savings, payments, and economic resilience.

Understanding Financial Inclusion and Its Impact

Financial inclusion refers to the ability of individuals and businesses to access useful, affordable financial products and services that meet their needs-from payments and savings to credit and insurance-delivered responsibly and sustainably. In developing countries, it is a cornerstone for reducing poverty, improving financial health, and unlocking opportunities for economic mobility [3] .

Recent data highlights:

Account ownership is now at 75% for adults in LMICs, up from near 40% a decade ago [1] .
The gender gap in account ownership has narrowed to 5 percentage points, with several countries in South and East Asia eliminating the gap entirely [2] .
Formal savings have surged, with 40% of adults in LMICs now saving using a formal account [2] .

Key Drivers: Digital Innovation and Mobile Money

The expansion of mobile money platforms and digital financial services has been the single most transformative factor in recent years. In 2014, just 1% of adults worldwide had a mobile money account; by 2025, this figure had soared to 15% [1] . In many African and South Asian countries, mobile wallets have become the primary means for millions to send, receive, and store money securely.

Digital merchant payments are rapidly expanding. For small businesses and entrepreneurs, access to digital payments means a growing customer base and the ability to participate in broader markets.

Practical steps for individuals and small businesses:

Explore mobile financial services offered by established telecom providers in your country. These services often include mobile wallets, bill payment, and micro-savings options.
Visit licensed local banks or microfinance institutions to inquire about digital account options and low-cost banking services.
If you have limited access to physical branches, seek out agent banking locations-community-based agents authorized by financial institutions to provide banking services.
For small businesses, adopting digital payment platforms can open access to new funding channels, such as invoice financing and peer-to-peer lending.

The Evolving Landscape: From Access to Impact

While account ownership is a meaningful milestone, the next challenge is moving from access to active use and impactful outcomes . Many people open accounts but do not use them regularly. Financial inclusion is now measured not just by the number of accounts but by how financial services contribute to financial health, resilience, and well-being [5] .

New priorities include:

Integrating financial services with health, education, and climate resilience initiatives.
Designing products for women, rural communities, and smallholder farmers to address persistent barriers.
Focusing on financial health, not just access-measuring how services improve people’s ability to manage shocks and plan for the future.

Case Studies: Real-World Progress

Several countries offer instructive examples:

Kenya : The M-Pesa mobile money platform dramatically increased financial inclusion, allowing users to save, borrow, and transact with unprecedented ease. Smallholder farmers now access microloans and weather insurance directly from their phones.

India : The Jan Dhan Yojana program, supported by digital identification (Aadhaar), enabled hundreds of millions to open zero-balance accounts and receive government payments directly, reducing leakage and boosting security for vulnerable populations.

Bangladesh : Digital financial services have empowered women entrepreneurs, with targeted programs offering microloans and savings products designed for their needs. The narrowing gender gap in account ownership reflects the success of these strategies [2] .

Challenges and Barriers

Despite progress, 1.6 billion people -mainly in rural, hard-to-reach areas-still lack access to or do not actively use formal financial services [2] . Major obstacles include:

Limited digital infrastructure and mobile coverage in remote regions.
Lack of formal identification documents, which are often required to open accounts.
Low levels of financial literacy, especially among women and older adults.
Persistent gender and rural-urban gaps, although these are narrowing.

For small businesses, a substantial financing gap remains-estimated at $5.7 trillion globally, with 40% of MSMEs in developing countries unable to access the credit they need [3] .

Practical Steps to Access Financial Services

If you live or operate in a developing country and want to access financial services, consider these actionable steps:

Visit your nearest licensed financial institution or authorized agent to inquire about opening an account. Bring any available identification and proof of address.
If you lack formal ID, ask about simplified account options or government initiatives that may support account opening for those without standard documentation.
Explore mobile banking options from major telecom providers or banks. Many offer basic savings and payment services via mobile phones, even without smartphones.
For small businesses, contact your local chamber of commerce or business association for guidance on accessing microloans or government-backed credit programs.
To improve financial literacy, seek out community-based training programs or digital resources. Many non-profits and international organizations offer free financial education tailored to rural and low-income populations.

For country-specific programs and up-to-date eligibility details, visit the official websites of your country’s central bank, finance ministry, or financial regulatory authority. You can also consult data portals such as the G20 Financial Inclusion Indicators for information on national initiatives [4] .

Alternative Pathways and Additional Resources

If you are unable to access formal banking services, consider the following alternatives:

Community savings groups and cooperatives, which pool resources and provide microloans to members.
Non-governmental organizations (NGOs) and microfinance institutions that operate in your region. Many offer tailored financial products for women, farmers, and micro-entrepreneurs.
Digital-only banks and fintech platforms, which may have simplified onboarding processes and lower fees.

To find legitimate service providers, search for organizations registered with your country’s central bank or financial regulator. Use keywords such as “microfinance,” “digital wallet,” or “financial inclusion initiatives” alongside your country or city name for more targeted results.

Conclusion: The Path Forward

The landscape of financial inclusion in developing countries is rapidly evolving. While substantial progress has been made, the focus is now shifting toward ensuring that access translates into meaningful usage and improved financial well-being. By leveraging digital innovation, closing persistent gaps, and prioritizing financial health, communities and entrepreneurs can build more resilient, prosperous futures.