The Importance of Financial Inclusion
We believe that financial inclusion is playing and will continue to play a critical role for economic growth in developing countries in a more inclusive, sustainable and equitable way. 2.5 billion people worldwide do not have access to a secure account as a way to save and use money, this is an injustice.
Our work and projects at This Is EPIC deliver informal financial services to the unbanked in Africa, through the vehicle of Village Savings and Loans groups. We are currently working in the Democratic Republic of Congo and Uganda, the financial inclusion statistics for these countries outline the importance of financial services reaching the unbanked.
With a population of 67 million, the Democratic Republic of Congo (2011 aged 15+) figures in the table below from the World Bank are shocking. Only 4% of the population have a bank account, only 2% have ever taken a loan from a financial institution and a shocking 1% of the population saved at a financial institution.Dem. Rep. Congo Data
The population of Uganda currently sits at approximately 38 million, the data from the World Bank shows a similar Financial Inclusion challenge for the citizens of Uganda. Only 9% of the population in 2011 over the age of 15 accessed a loan from a financial institution.Uganda Data
Half the world’s adult population do not have access to any type of financial services.
Too many people lack access to the most basic financial services. This leaves them trapped in a cycle of poverty without the ability to build better lives for themselves.
Financial Inclusion is critical for people to develop sustainable futures for themselves, their families and their community.
At This Is EPIC we want to make a positive difference in peoples live by giving them access to basic financial services through Village Savings and Loans projects.