FirstBank Empowering Lives Through Financial Inclusion
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inancial inclusion has been identified by several stakeholders as a key enabler of reducing extreme poverty and improving shared prosperity. The ability for economically active adults to save money, send and receive payments, access credit and insurance services through a suitable financial product, and in a sustainable manner is usually the gateway to poverty reduction and attainment of financial freedom. 38
Indeed, financial inclusion is an enabler for at least seven (7) of the 17 United Nations’ Sustainable Development Goals (SDGs). This further underscores the point that significant mileage can be made in shared global prosperity with a marked improvement in financial inclusion levels. Little wonder there has been sustained global attention and focus on financial inclusion in recent times.
This attention has also started to yield remarkable results. According to Global Findex (2021), the global financial inclusion rate improved from 51% in 2011 to 76% in 2021. During the same period, SubSaharan Africa’s financial inclusion growth rate (measured by account ownership) outperformed the global growth rate by increasing from just 23% in 2011 to 55% in 2021. Despite this impressive growth, Sub-Saharan Africa still
