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.
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