Financial Inclusion or Payment Inclusion?

Dr Franklin Noll, a payments specialist who works as a Lead at the Federal Reserve Bank of Kansas City, has posted in LinkedIn an interesting piece on financial / payment inclusion. He has expressed his own opinions, not those of the Federal Reserve Bank.

‘I think we need to shift the conversation on financial inclusion. Actually, the conversation going on is about payment inclusion.

The World Bank defines financial inclusion in this way: ’Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs… delivered in a responsible and sustainable way.’

This could include loans, insurance, etc. But, most research and talk about financial inclusion is really about payments, not the other financial services.