Financial services essential in alleviating poverty

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Queen Maxima of the Netherlands. UN Photo/Mark Garten

Financial services play an essential role in alleviating poverty around the world, according to UN Special Advocate, Queen Maxima of the Netherlands.

The UN says approximately one-third of the world's population, most of them in developing countries, struggle to get by without basic financial services such as savings plans, insurance and credit.

Daniel Dickinson reports.

Providing individuals, families and entrepreneurs with a range of financial services helps to generate income and create the conditions for development, the UN says.

Those services can help the poorest people pay for health care, education and insurance against the failure of a business or a poor harvest.

Queen Maxima of the Netherlands is the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).

"Access to these financial tools and actual usage of these financial tools in a proper way, helps people, especially vulnerable people to protect themselves against hardships, invest in their futures, become more resilient and fight poverty."

The international community is currently deciding on a new global development agenda to begin next year.

The Secretary-General’s Special Advocate has said it's important that agenda addresses ways to include the world’s 2.5 billion adults who are currently outside the formal financial system.

Daniel Dickinson, United Nations

Duration: 1'03"

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