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Lacking a standard definition of financial inclusion, several international
institutions have put forward the following definitions: “state in
which all working age adults have effective access to credit, savings, payments,
and insurance from formal service providers. Effective access involves
convenient and responsible service delivery, at a cost affordable to the
customer and sustainable for the provider, with the result that financially
excluded customers use formal financial services rather than existing informal
options” (CGAP-GPFI). “financial
inclusion involves providing access to an adequate range of safe, convenient and
affordable financial services to disadvantaged and other vulnerable groups,
including low income, rural and undocumented persons, who have been underserved
or excluded from the formal financial sector” (FATF).
“process of ensuring access to appropriate financial products and services
needed by all sections of the society in general and vulnerable groups such as
weaker sections and low-income groups in particular, at an affordable cost in a
fair and transparent manner by regulated, mainstream institutional players”
(RBI/Reserve Bank of India).
There are many supply (service providers) and demand-side (consumers) reasons
for those languishing at the bottom of the pyramid to remain unbanked, including
price barriers, information barriers, product design barriers and channel
barriers. In response, financial inclusion overcomes those barriers by
providing a wealth of benefits to be enjoyed by consumers, regulators, the
government and private sector as follows:.
Around the world, governments are combating financial exclusion through two
salient approaches. First, a comprehensive national strategy, such as
those implemented in Indonesia, Nigeria and Tanzania. Second, a range of
separate programs, for instance financial education, as pursued by the US
Administration since the 2008 crisis. In general, a comprehensive national
strategy contains three key aspects, namely providing appropriate services,
providing appropriate products as well as responsible finance through financial
education and consumer protection. Financial inclusion is typically
implemented in stages, starting with a clear target, such as recipients of
government social aid or migrant workers, before gradually rolling out to the
public in general.
The financial inclusion strategy is not an isolated initiative and, therefore,
not only involves the participation of Bank Indonesia yet also the regulator,
government ministries and other institutions to offer financial services to the
public. Through the national financial inclusion strategy, close and
structured collaboration between the government and various other stakeholders
Strategi keuangan inklusif bukanlah sebuah inisiatif yang terisolasi, sehingga
keterlibatan dalam keuangan inklusif tidak hanya terkait dengan tugas Bank
Indonesia, namun juga regulator, kementerian dan lembaga lainnya dalam upaya
pelayanan keuangan kepada masyarakat luas. Melalui strategi nasional keuangan
inklusif diharapkan kolaborasi antar lembaga pemerintah dan pemangku kepentingan
tercipta secara baik dan terstruktur.