G20 summit – Financial Inclusion discussions to fight Global Poverty

The G20 summit is almost upon us as India hosts 43 countries ahead of the main event starting on Saturday, with many meetings to discuss critical issues.

This event could have a significant effect on the global economy as discussions include: solving the global poverty issue where 10% of the population live on less than $2 a day, green financing support for the global south developing countries that are victims of global warming effects, ironically caused mainly by the greenhouse gas emissions from industrial nations of the Northern Hemisphere, and financial inclusion where over 1.7 billion people do not have access to basic financial services such as banking, savings facilities, insurance and credit.

Financial inclusion can be a massive help in fighting poverty and could potentially lift hundreds of millions out of poverty, as most of the 1.7 billion live in low and middle-income countries. With access to financial services, people can effectively save, invest, and safeguard themselves from unexpected economic shocks and financial setbacks.

This improves quality of life, is also an economic growth catalyst through entrepreneurship, and uplifts emerging economies and the overall financial health of developing countries.

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