Key points

  • Over a billion of adults have no access to finance: According to the World Bank’s Global Findex Database, 2025, about 1.3 billion adults1 globally do not have an account with a financial institution2. This is over 20% of the global adult population. A large portion of these individuals live in developing economies, mainly in Africa, South Asia, and South America. Most of them are low-income households, women, minorities, and the elderly.

  • Micro, small and medium enterprises (MSMEs) are also facing a significant financing gap: MSMEs is another sector that faces under banking and constrained access to finance. According to the MSME Finance Gap, unmet global financing need for MSMEs is about $5.7 trillion as of 2019. Over 130 million MSMEs in developing economies face financing exclusion.

  • Financial inclusion can reduce a provider’s concentration risks, improve efficiency and profitability: Banks and insurance companies can diversify their asset and liabilities bases, limiting concentration risks, often restraining revenue and profit volatility. Financial inclusion’s reliance on digital platforms can lead to efficiency benefits,  supporting  stronger  profitability. Financial inclusion also reduces income and gender inequality. Main risks include higher credit and cybersecurity related risks.

  • African, Latin American, and some Asian systems have the most opportunities: In general, financial systems in Africa, Latin America and Asia provide greater opportunities for financial inclusion because of their low banking and insurance penetration against a backdrop of high population and rising wealth levels. High mobile penetration, agile technological development and a supportive regulatory environment are key enablers. In the developed economies, focus on elderly inclusion and financial health remain key priorities.

  • Issuers can expand their GSSS offerings to target financial inclusion: Issuers can structure liability products, such as deposits or bonds, with proceeds exclusively dedicated to funding projects that advance financial inclusion. These products provide investors with a targeted way to support impactful initiatives. Backed by multilateral  development  institutions,  some emerging market banks have successfully issued gender-based bonds aimed at women-led and women-owned  businesses.  Despite  these advancements, substantial opportunities remain in other underserved segments, including SME trade finance and social housing for low-income households.

  • Financial inclusion is a major ESG social pillar for Amundi: Amundi continues to request financial firms to adopt robust financial inclusion strategies and financial health charters. Amundi has engaged over 50 companies on access to finance and household financial health so far this year.

Read more

ESG Thema #21 - From access to empowerment: how financial inclusion fuels resilience

Read the full article on the Amundi Research center