Financial inclusion takes a hit amid rising debt and high interest rates

This Week in Global Development · Jun 30, 2023 · 34m

High interest rates are threatening the gains made in financial inclusion over the past decade, with investors backing off riskier investments especially in inclusive fintech, as reported by Devex’s Shabtai Gold this week. While some regions have achieved robust progress — such as India, where nearly 80% of adults now have a bank account — others are lagging behind. Over half the population of sub-Saharan Africa, or about 530 million people, are still unbanked.

Meanwhile French President Emmanuel Macron’s global financing summit, which aimed to address rising debt burdens and high interest…