Financial Inclusion and Equity Across Minority Groups

In our previous newsletter, we shared insights on digital poverty and paving the way for digital inclusion. The topic connects to an even bigger movement set forth by the United Nations. In pursuit of the continued advancement of the Sustainable Development Goals, the 2030 agenda for Sustainable Development was born. 

Leave No One Behind

Above is the official pledge of the 193 United Nations Member States adopting the 2030 Agenda. UN identified five primary reasons why some groups are left behind and benefit less from development progress. These include geography, discrimination, shocks and fragility, socioeconomic status, and governance. In this newsletter, we will explore the various groups that experience financial gaps that hinder inclusivity and equity. 

Limited Financial Freedom of the Differently-Abled

For many years, financial freedom has been unheard of among people with disabilities. Whether visual, auditory, speech, mobility, cognitive, or psycho-social impairment, PWDs are often excluded from the banking experience, resulting in financial dependency. A MasterCard survey, "Bridging the Disability Gap: An Opportunity to Make a Positive Impact," proposes a solution centered on financial inclusion. According to the study, fintech and mobile banking can empower PWDs to manage their finances independently. Moreover, intuitive and assistive technologies also enable inclusion, making fintech services more accessible.

The Gender Gap Even in Financial Inclusion

As the 2030 Agenda points out, socioeconomic status and discrimination are reasons for exclusion. In India, for example, more women are unbanked compared to men. The problem correlates to two other societal issues. First, the digital divide is more apparent among the impoverished as they remain unaware of technology, resulting in distrust of new payment systems. It is something we resonated within our previous newsletter. Second, financial rejection is more common among women. 

There is a glaring gender bias in the financial gap experienced by women worldwide. HP Singh, Chairman & Managing Director, Satin Creditcare Network Limited in India, shares excellent insight on the issue. In his article, he calls for women's empowerment and encourages banks to update their business models to eliminate the biases imposed on gender. 

Economic Development for All, Including Indigenous Peoples

Roughly 25 Indigenous organizations from Canada released the National Economic Indigenous Strategy in June 2022. With the alarming socioeconomic disparity between Indigenous and non-indigenous people, the Strategy aims to set a more inclusive path and guide governments, industries, and institutions. According to research, providing IPs equitable access to economic opportunities can further boost Canada's GDP. 

Following the United Nations Declaration on Rights of Indigenous Peoples and the Royal Commission on Aboriginal People, the Strategy helps ensure that IPs benefit from economic prosperity and experience equity in personal expression, lands, infrastructure, and finance.

Elevate your DEI Programs

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News and Upcoming Events

The Centre has developed its Strategic Plan 2022-2025. It is an ambitious program that will excite our donors, contributors, and supporters. As we commence this journey,  we humbly ask for donations.

We have set up committees to tackle each Strategy we have set. We have a team of bright diverse volunteers working to see our strategic plan is achieved.

To achieve our dream of how we can provide significant support to all regions of the globe in their DEI work and practices requires financial support. Our budget reflects the multi-million dollar needs to achieve the results we seek for our followers and users of our products and services around the globe.   

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To review past newsletters from The Centre for Global Inclusion, click HERE