How should inclusion be delivered: by state-run development banks, non-profit microfinance outlets or commercial banks? Lively debate attends this topic, and we identify the most sustainable models with reference to initiatives worldwide from Kenya's M-PESA to the remarkable National Mission for Financial Inclusion in India, affecting hundred of millions of people.
Evidence is harder to come by in the developed world, where the financial crisis delivered a hammer-blow to inclusion. Banks have become focused on wealth management, but can banking the 'one percent' really be more profitable than banking the 'other half'?
We digest key ideas propounded by Muhammad Yunus (Grameen, Bangladesh) and Hernando de Soto as well as the latest research on inclusion at the World Bank, the IMF and from academia. Finally, we will look at the history of the savings and cooperative banking movements in Europe and the US, sifting for lessons on inclusion today.
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