Enhancing access to financial services and credit from "summary" of Target 3 Billion by Avul Pakir Jainulabdeen Abdul Kalam,Srijan Pal Singh
In the modern world, access to financial services and credit plays a crucial role in uplifting the lives of billions of people who are currently living in poverty. By providing individuals with the means to save, invest, and borrow money, financial services can empower them to start businesses, improve their living conditions, and secure a better future for themselves and their families. However, despite the importance of financial services, a large portion of the global population still lacks access to them. This is particularly true for those living in rural and remote areas, where traditional banks are often absent, and people have to rely on informal and unregulated sources of credit. As a result, they are forced to pay exorbitant interest rates and fees, trapping them in a cycle of debt and poverty. To address this issue, we need to focus on enhancing access to financial services and credit for those who need it the most. This can be done by leveraging technology to reach individuals in remote areas, providing them with mobile banking services and digital payment platforms that can connect them to the formal financial system. By doing so, we can help them save money securely, access credit at affordable rates, and ultimately improve their financial well-being. Furthermore, it is essential to promote financial literacy among underserved populations to ensure that they can make informed decisions about their money and investments. By teaching them basic financial concepts, such as budgeting, saving, and managing debt, we can empower them to take control of their financial lives and make sound financial choices.- Enhancing access to financial services and credit is not just about providing individuals with the means to access money—it is about giving them the tools they need to build a better future for themselves and their communities. By increasing financial inclusion, we can help billions of people lift themselves out of poverty and achieve a better quality of life.
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