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ate financing constraints as a major obstacle to growth (World Bank, 2010). The results of
research show that degree of financial inclusion is different in the particular countries or
regions. For example, SMEs in Asia receive less credit than other non-Asian SMEs. In addition,
the results of research suggest that credit access is correlated strongly with firm size – small
firms enjoying the least access. The results also suggest that exporting firms and firms having an
externally audited financial statement are positively correlated with increased credit access.
But, what is interesting, for women who are owners of business typical, there is a reduction in
the probability of financial access (OECD, 2014).
Because the financial inclusion is interpreted as having access to and using the type of financial
services that meet the user’s needs, it also covers payment aspects, especially when we
consider increasing role non-cash payments (Zielioski, 2015). Payments and payment services
are an important element of the overall package of financial services. Moreover, they can not
only facilitate access to other financial services, but, in many cases, be critical to those services’
efficient provision. From a payments perspective, these transaction accounts will have a
number of important effects, both for the individuals and businesses through gaining access to
financial services and possibility of more effective managing their daily financial affairs as for
the country’s national payment system.
There are many factors influencing the level of financial inclusion and the most important seem
to be the disposable income and the level of financial literacy as the results of financial
education. Promoting and expanding the financial inclusion and financial literacy is one of the
purposes of financial education (Frączek, 2014). A higher level of income and the higher level of
financial literacy have positive impact on effectiveness of savings or payments. But in the case
of borrowing money, the situation is more complicated. A lower level of usage of credits among
people with higher income may be the result of less demand for money, but a lower level of
usage of credits among people with lower income may be the result of the lack of
creditworthiness.
The most frequently used indicator to measure the level of financial inclusion is the percentage
of the adult population with access to a bank account in the formal financial sector, saving,
borrowing money or making payments using the products and services of formal financial
Institutions (Demirguc-Kunt at al., 2015). The data show that 60,7% of adults worldwide had an
account at a formal financial institution in 2014 (50,6% in 2011). In addition, 27,4% of adults
reported having saved at a formal financial institution in the past year (22,6% in 2011), and
10,7% reported having taken out a new loan from a bank, credit union or microfinance
institution (9,1% in 2011) (World Bank, 2012). The data confirm mentioned in the previous part
of the paper changes in degree of financial inclusion. But it is worth analyzing the financial
inclusion in more detailed way, taking into account individuals and firms in different regions in
the world.
Empirical Part
Financial inclusion – access to finance – varies widely across the globe. To find the differences,
the most important areas of financial inclusion were analyzed. Among them were: banking
accounts and subsequently savings and borrowing money. The special attention was paid to the
financial inclusion in enterprises.
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