Challenges and Barriers to Financial Inclusion in Global South: Global Solution

Abstract

The world is moving towards the advancement of technology and humanity. On one side the economy is booming and on the other side, poverty is still prevalent in many world countries. The world can be a paradise if the basic requirements are fulfilled by the inclusion of each one of the societies in the process of development and growth. Society needs to make progress by taking the hands of each member. In this prospect, financial inclusion plays a major and significant role. Financial Inclusion is the crucial step to help all the members of the society in making the availability of all the requirements for the development. The steps of making the things available should be fair, accountable, just, and transparent. The downtrodden people of the society are included in the journey of development through the base of financial inclusion. The crucial role is played by financial inclusion to remove the atrocities that arise from poverty or inequality. Financial inclusion is necessary but on the other side, the barriers are available which are hindering the smooth process of financial inclusion. The proper availability of effective technological systems and infrastructure contributes to the hindrances of financial inclusion. Even the poor banking system and poor financial system are the reason for the hindrances to the growth and development of small, medium, and micro enterprises. The proper financial system