On the occasion of Arab Financial Inclusion Day, launched ICFSME The Women Entrepreneurs Financing Initiative to enhance the economic empowerment of Iraqi women.
Financial inclusion is a key driver of a country's economic growth and contributes to achieving financial stability. A nation's economic condition cannot improve while a large number of individuals and institutions remain financially excluded from the formal financial sector.
Financial inclusion ensures that financial institutions develop their products and compete to offer low-cost, easily accessible financial products while also prioritizing consumer interests.
The benefit of financial inclusion for low-income individuals…
Financial inclusion focuses on broad segments of society, particularly marginalized groups or those who cannot find formal financial products that meet their needs. This includes the poor, low-income individuals—especially women—owners of small, medium, and micro enterprises, children, youth, and others.
Financial inclusion ensures that all segments of society have access to financial products tailored to their needs and circumstances. This leads to an improved standard of living, thereby reducing poverty rates and fostering economic growth for both individuals and the state.
