Financial Inclusion, Sustainability and Sustainable Development

Abstract

Purpose: This conceptual paper aims to identify how financial inclusion relates to sustainability and the level of sustainable development.Methodology: The paper used discourse analysis to identify how financial inclusion relates to sustainability and the level of sustainable development.Finding: The paper argued that granting access to basic formal financial services contributes to greater sustainable development by ensuring that access to finance is guaranteed sustainably, and basic financial services are provided sustainably and based on sustainability principles to yield a lasting impact for sustainable development. The paper also argued that financial inclusion increases the level of sustainable development because financial inclusion increases the economic opportunities and social welfare of banked adults while it only provides limited benefits for the environment. This approach links financial inclusion to sustainable development by adopting sustainability principles in offering basic financial services to banked adults.Implication: Consequently, a synergy between financial inclusion and sustainable development is needed. The synergy should be based on sustainability principles, requiring policies integrating financial inclusion into the sustainable development agenda.Originality: This paper is the first to identify the relationship between the financial inclusion agenda, the sustainable development agenda and the sustainability agenda.