What role does digital banking play in financial inclusion? 🔊
Digital banking plays a pivotal role in financial inclusion by providing access to banking services for unbanked and underbanked populations. Through mobile apps and online platforms, individuals can easily open accounts, transfer funds, and access credit, often without the need for traditional bank branches. This accessibility empowers users to manage their finances, save, and invest, leading to improved economic participation. Moreover, digital banking reduces transaction costs and increases transparency, fostering greater trust in financial systems, ultimately promoting a more inclusive economy.
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