mSTAR Supports US Government Interagency Forum on Financial Inclusion

On November 30 and December 1, 2015, the U.S. Treasury Secretary Jacob J. Lew and U.S. Agency for International Development Acting Administrator Alfonso E. Lenhardt convene the Financial Inclusion Forum at the Treasury Department in Washington, DC.

The Forum will gather executives and senior officials from governments, the private sector, nonprofits, and academia to explore U.S. Government contributions to foster the growth of inclusive financial services sector at home and abroad that provide access to safe and affordable financial products for all consumers.

Globally, two billion adults lack access to safe, affordable financial services. Instead, they must rely on cash, physical assets, and informal financial products, which are insecure, expensive, and inconvenient. In the developing world, women are 20% less likely than men to have an account at a formal financial institution and 17% less likely to have borrowed formally in the past year. However, exclusion is not just a developing-world issue—in the U.S. alone, nearly 10 million adults lack a bank account. One in four U.S. households lives at least partially outside the financial mainstream — without bank accounts or by using costly services like payday lenders to make ends meet

This event is an opportunity to demonstrate the U.S. Government’s collective commitment to advancing financial inclusion for all segments of society, and it’s design and execution is supported by FHI 360’s mSTAR project.

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