Asia-Pacific Economic Cooperation (APEC) economies can unlock the full potential of financial inclusion by focusing on both access and distribution in order for everyone to benefit.
In a news alert, APEC Policy Support Unit (PSU) senior analyst Emmanuel San Andres and researcher Glacer Niño Vasquez said the power of financial inclusion is in its ability to drive economic growth and equity “when it is done right”.
“For small businesses, access to credit is not just a financial service; it is an opportunity. With the right support, small businesses can grow, hire more employees, and contribute to local economies. This can lead to greater job opportunities and more vibrant communities,” they said.
San Andres and Vasquez said women’s financial empowerment is another key driver of change.
“When women have access to savings, loans or insurance, they can invest in their families, support their children’s education, and start or grow their businesses. Financial inclusion does not just improve lives –it creates a ripple effect, benefiting entire communities and contributing to equitable growth,” they added.
To make financial inclusion work for everyone, San Andres and Vasquez said financial products must be tailored to meet the diverse needs of different groups.
“Whether it is providing microloans for small businesses, creating savings accounts for women, or improving access for people in rural areas, the products need to be designed with the community in mind,” they said.
San Andres and Vasquez also underscored the need to build financial literacy and digital skills.
“People cannot use financial services effectively if they do not understand how they work. That’s why it is important to include financial education alongside digital tools,” they said.
Offering training and resources in underserved communities will also help navigate and use financial services to their advantage, they added.
Further, San Andres and Vasquez highlighted the importance of removing legal and policy barriers.
“Women and marginalized groups often face systematic obstacles that prevent them from accessing financial services. Legal reforms are essential to ensure that everyone has a fair shot at financial independence and success,” they said.
