According to authors in the Brookings Institution policy paper, “The Final Countdown: Prospects for Ending Extreme Poverty by 2030,” the coming years will bring dramatic reductions in poverty, but extreme poverty will not be eliminated unless more is done to improve resilience for those living in the most fragile conditions.
Figure 4. Poverty range based on alternative scenarios for consumption growth and distribution combined
Financial services can play a key role in providing those in poverty with access to the benefits of growing economies and improving their ability to protect themselves against economic shocks. Kendall and Voorhies commented, “In many…situations, the most important buffers against crippling setbacks are financial tools, such as personal savings, insurance, credit, or cash transfers from family and friends. Yet these are rarely available because most of the world’s poor lack access to even the most basic banking services. Globally, 77 percent of them do not have a savings account; in sub-Saharan Africa, the figure is 85 percent. An even greater number of poor people lack access to formal credit or insurance products.” 
Dr. Kim, addressing the Microcredit Summit delegates in the Philippines, spoke about the role of financial services in helping to end extreme poverty by 2030.
Watch Jim Kim address delegates at the 2013 Partnerships against Poverty Summit in the Philippines
 Jake Kendall and Rodger Voorhies, 2014, “The Mobile Finance Revolution: How Cell Phones Can Spur Development,” Foreign Affairs, 12 February 2014. Accessed 25 March 2014, http://www.foreignaffairs.com/articles/140733/jake-kendall-and-rodger-voorhies/the-mobile-finance-revolution.
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–Jake Kendall and Rodger Voorhies
Table of Contents
- Executive Summary
- Taking Steps to Target the Poorest
- A Global Context for Extreme Poverty
- Microfinance & Health Providers Can Partner for Greater Results
- Commercial & Social Businesses Can Expand Value Chains to Include Those in Poverty
- Mobile Network Operators Can Build Systems that Reach the Poorest and Most Remote
- Regulators & Policymakers Can Build a National Ecosystem for Inclusion
- Social Support Payments Can Become a Bridge to Financial Inclusion
- Being Accountable for Results
- A Commitment to End Extreme Poverty by 2030
- Read the Full Report
- Get Your Copy