It looks as though it will be a good year for financial inclusion. The International Funding for Financial Inclusion report, published every year by CGAP (Consultative Group to Assist the Poor), indicates that the institutions surveyed for Latin America (MIF-IDB, AECID, IFC, among others), view financial inclusion as a catalyst for Sustainable Development Goals (SDGs), rather than a standalone objective. Thus, they expect a steady growth in resources and efforts towards this initiative. The report draws other positive conclusions:
- The integration of technologies in the microfinance sector has given rise to new players, such as mobile operators and other digital service providers. They receive not only financial assistance but capacity building as well, to enable them to provide a more adequate service for their clients.
- The institutions that took part in the study highlight the importance of driving financial inclusion projects that increase access to rural and agricultural finance, support for micro and small enterprises, and the economic empowerment of women.
- In the context of other priorities in the international scene (natural disasters, armed conflicts, etc.), the survey respondents stressed that the capacity to adapt their strategies is key in order to continue promoting financial inclusion as part of the global development agenda.
BBVA Microfinance Foundation is aware that financial inclusion plays an important part in poverty reduction. With its mission of promoting vulnerable entrepreneurs’ economic and social development, it addresses the need to reach segments currently beyond the financial system. For this reason, Productive Finance, the Foundation’s proprietary methodology, brings financial products and services closer to low-income groups, helping them to improve their situation over time.
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