One of the most topical issues in economic development pertains to financial inclusion. For example, according to the World Bank (see http://www.worldbank.org/en/topic/financialinclusion) “financial inclusion is a key enabler to reducing poverty and boosting prosperity.” In light of this observation, the stated goal of the World Bank is to have “Universal Financial Access” by 2020. 

Also, the Consultative Group to Assist the Poor (CGAP), a global partnership of 34 leading organizations whose goal is to promote financial inclusion has been formed (see http://www.cgap.org/). 

What is financial inclusion? In what ways does financial inclusion reduce poverty and boost prosperity?

Hint: the two websites mentioned in this question provide a very good account of issues surrounding financial inclusion and its link to economic development.