> Posted by Center Staff
Today at the World Bank annual meetings, Jim Yong Kim stated, “We will use our knowledge to become a bolder institution. Let me give you one example. We’re launching today an initiative to provide universal financial access to all working-age adults by 2020. Globally, 2.5 billion adults have no mechanisms to save money, let alone pay bills through a savings account or a mobile phone. We believe we can chart a path toward universal financial access by bringing together multiple approaches and technologies. This is exactly the type of ambitious project that can help lift many people, especially women, out of poverty.”
We at Financial Inclusion 2020 are excited and heartened that the World Bank is willing to join us in the call for full financial inclusion by 2020.
Stand by for more on what this means for the World Bank and the world’s financially excluded next week.
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October 12, 2013 at 5:23 pm
Sarah
I think there is a difference between the WBG stated objective of universal financial *access* by 2020 and CFI’s financial *inclusion* target (which how’s beyond access only).
October 16, 2013 at 10:46 am
erhyne
Absolutely — a big difference. The World Bank’s commitment focuses on access to any form of transaction account. Financial Inclusion 2020 works with a broad concept of financial inclusion, advocating a full suite of financial services. Access to transactions accounts is a foundation for deeper inclusion, and we are excited to see the World Bank make a real commitment to a specific goal.