Financial services for disadvantaged groups
Two billion people worldwide have no access to financial services such as loans and bank accounts. Worst affected are the most vulnerable in society – the poor, women, young people, refugees and the rural population, particularly in Africa.
As part of the Global Partnership for Financial Inclusion (GPFI), the German G20 Presidency will be championing provision of financial services for disadvantaged groups. The aim is to fight poverty, reduce inequalities and facilitate investment in education and business activity.
One focus will be on including refugees in the target group of the GPFI. In their host countries, they frequently have little or no access to affordable and reliable financial services. And yet they urgently need these services as a safe means of depositing and moving their savings, for example, or of receiving money from relatives in an emergency.