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The fact is that the real needs for financial services of both individuals and enterprises are likely
to be higher than is apparent from the actual use of a specific financial service at a given point
in time. When referring to businesses, it should be also underlined that micro- and some smallsized
businesses are more likely to lack some of the basic financial services or be financially
excluded than larger ones (BIS, 2015).
Conclusions and implications
Access to financial products and services performs two key functions beneficial to individuals
and firms: risk management and inter-temporal consumption smoothing. Financial inclusion is
pro-growth but also pro-poor, reducing poverty, income inequality and inequality of chances.
The degree of financial inclusion depends on different groups, e.g. individuals and enterprises,
different size of enterprises and different countries and regions in the world. The gap in access
and use of financial products and services still remains a challenge, especially for individuals,
small and medium enterprises and poorer regions in the world (low-income countries).
Particularly noteworthy are small and medium enterprises. SMEs represent large part of private
business and contribute to employment and to GDP in many countries, especially in developing
ones. The development of SMEs is seen as accelerating the achievement of wider economic and
socio-economic objectives, including poverty alleviation. Emphasizing the role of SMEs in the
economy and at the same time their more limited access to finance in comparison to a group of
larger enterprises, it is justified to pay more attention to them.
The financial inclusion may be facilitated in inclusive financial system. Many developing and
especially low income countries in the world should make efforts to change their financial
systems from an “exclusive” orientation toward a more “inclusive” one. The further research
should also examine the ways of transition from exclusive to inclusive financial system, taking
into account experiences of many countries. That means that in the area of financial inclusion
very important are coordinated actions at the national and international level.
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