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Credit Unions Play a Critical Role in Financial Inclusion

CUs must foster increased access to technology, greater openness in the financial system and a fair financial product marketplace.

By Ismail Amla and Marija Zivanovic-Smith | May 18, 2022 at 09:00 AM
Hand Colored Staff Pawns In Circle Source: Adobe Stock

Financial inclusion is a popular cause in the financial industry today, and for good reason. However, very few people working in finance or banking have experienced what it means to be excluded from the financial system. This is a worldwide issue; roughly 1.7 billion adults globally are unbanked according to Findex.

There are plenty of gaps that currently exist when it comes to enhancing financial inclusion in communities. For example, a highly paid executive at a major technology firm in India could decide to move to the U.S., but that executive will still likely face difficulties opening a deposit account because they lack the required U.S. documents.

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