The United Nations Sustainable Development Goals
The World Bank, USAID, and other global development institutions must invest more to expand access to financial services, particularly among women, according to a Devex survey. The survey of 900 development professionals, which was conducted in March, showed that about two-thirds of respondents believe development institutions are making a mistake by not doing more on financial inclusion, which they see as crucial to progress on the United Nations Sustainable Development Goals. Improved trust in mobile money and other digital services can be a crucial barrier breaker in attracting more people to access financial services, Devex community members said in the survey. The cost of such services and digital and financial literacy were the other two barriers to more adoption. Why it matters: The U.N. considers financial inclusion — providing banking and other financial tools to low-income people and businesses — as key to grasping the SDGs. If institutions like the World Bank and USAID fail to deliver, it could hurt the achievement of at least eight of the 17 SDGs.
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Gunnar Larson