A comparative study on the financial inclusion status of G20 countries

Purpose: The G20 forum serves as a platform for the convergence of the world's most significant and systemically crucial economies. However, recent occurrences have given rise to a state of economic upheaval on a global scale. It's essential for determining where each country stands economically. Gaining access to economic growth can be facilitated by expanding financial inclusion. This paper aims to fill this gap by thoroughly analysing financial inclusion in the G20 nations. Methodology: This study creates a financial inclusion index based on three dimensions: banking penetration, disbursement, and services. And distributed countries as per their index score in three levels: high, middle, and low, where 1 indicates complete inclusion and 0 indicates no inclusion. Findings: The research reveals that among the 20 countries analysed, 11 exhibited significant advancements in financial inclusion, while six were categorised as moderately progressing, and three were classified as having low levels of progress. Japan obtained a comparatively elevated score on the index, whereas Mexico registered the least score. Originality: The present research aims to assist policymakers and regulators in developing a structural framework for countries with low levels of inclusion. The findings indicate that enhancing the accessibility and adoption of official financial services among underprivileged segments of the population could be advantageous in maximizing the overall welfare of society.