Why is financial inclusion especially important for developing economies?

I'll start by giving an example of what Bill Gates said:

https://www.youtube.com/watch?v=...

To touch upon certain points...

"Poor people do have assets, their intellect, their labor, their savings, the problem is they don't have financial tools to capitalize on these resources. They are trapped in an inefficient cash economy that robs them of opportunities to insure themselves against risk, invest in their productivity and ultimately to help uplift them out of poverty"

"...innovations like vaccines and high-yielding crops have changed the future for billions of people. Here in the cusp of another breakthrough innovation including the poorest in a financial system that increases, instead of limiting the value of their assets."

People who are unbanked or are not financial included, don't have access to various financial services like:

• Building Credit
• Access to Loans
• Savings
• Insurance
• Investment plans
• Retirement planning
• Access to emergency loans (for things like medical emergencies, etc.)
• educating them how to be financially better at what they do
• Understand how money works in a digital world and how they can do more in the digital world.

Two excellent resources, that I would recommend to learn more about financial inclusion are:

Maya Declaration (See: Page on afi-global.org)


and CGAP's FAQ on what financial inclusion is all about: Microfinance Frequently Asked Questions