How Financial Inclusion Can Boost a Nation’s Health & Well-Being

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In a CGAP blog, Lisa Morgan and Craig Churchill wrote that financial inclusion can and should play a critical role in boosting a nation’s health and well-being. But with savings and credit alone, it is difficult to cope with catastrophic losses, which really should be covered by insurance, ideally through a universal health coverage scheme as stipulated by the UN's Sustaianble Development Goal (SDG). Together savings, credit, and insurance can be a powerful poverty fighting triad. Given today’s digital advances, there are more opportunities than ever for financial inclusion find smarter ways of combining public and private sector resources. Microfinance institutions, mobile network operators, and other financial sector players can be engaged to extend social protection floors by distributing coverage to workers in the informal economy.

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