Preface
Financial inclusion is a key development objective for many developing and emerging countries. It is essential to expand opportunities, particularly for the poorest people. Extending the reach of the financial sector to sections of the society and to geographic areas that were neglected in the past, however, is a challenging objective. There are many barriers to accessing financial services, ranging from limited literacy, to lack of awareness about financial services and products, to high transaction costs and inadequate infrastructure. All around the world, jurisdictions are struggling to promote financial inclusion because it is a necessary condition for sustaining equitable growth. Financial inclusion is also a core goal of the World Bank Group. We champion it at the international level, particularly in support of the G-20, and we live it with our clients day to day. Lack of access to banking services is currently forcing many people in emerging markets to rely on a cash-based economy that is often insecure. Bringing financial services to unbanked or underserved people is a key element in improving living conditions, and it is crucial for overall economic development. The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around xiii