One year ago, World Bank president Dr Jim Yong Kim made a ground-breaking commitment to achieve universal financial access by the year 2020. As we reach the tail-end of 2014, it seems appropriate to reflect on where we are now, and the progress that still needs to be made. The World Bank’s commitment to access showed exemplary leadership and was an important first step. That said, there is still much that must be done to ensure long-term financial inclusion in the developing world.
Mr Kim said: “Universal access to financial services is within reach – thanks to new technologies, transformative business models and ambitious reforms. As early as 2020, such instruments as e-money accounts, along with debit cards and low-cost regular bank accounts, can significantly increase financial access for those who are now excluded.”