About 1.3 million people around the world live with significant disabilities according to data from the World Health Organisation. This figure represents 16% of the world’s population. People living with disabilities are vulnerable to exclusion and discrimination despite being an integral part of society. Managing their own finances is oftentimes wishful thinking for People Living with Disabilities (PLWD). It is therefore imperative to create an inclusive society that can empower them to reach financial independence. PLWD face numerous challenges when trying to access financial services but there are strategies and innovations that can foster financial inclusion for PLWD. These innovations and strategies are highlighted below.
Accessibility
Financial institutions should ensure that their physical infrastructures are accessible to PLWD. Entrances and exits, lifts, and toilets should have ramps to aid movement. Ensure that the office environment and space are free from objects or designs that pose safety hazards to persons with disabilities when they move around.
Innovative Service Delivery
Leveraging technology, financial institutions can enhance financial inclusion for persons with disabilities by developing and promoting assistive technologies, such as screen readers, voice recognition software, and alternative input devices, to make their digital platforms like mobile apps and websites more accessible. Additionally, ensuring compatibility with assistive devices like hearing aids or screen magnifiers is important. ATMs and documents should be Braille enabled for the visually impaired.
Customised Financial Products
Financial institutions should consider developing products and services that specifically cater for the needs of persons with disabilities. This might include flexible account options, affordable loan programmes, microfinance initiatives, cards in Braille or insurance products that address specific disability-related risks.
Financial Literacy
It is important to educate people with disabilities about finance. There should be programmes that focus on saving, budgeting, debt management, and understanding financial products and services. The information should be delivered in learning techniques suitable for PLWD.
Policy and Regulation
Governments can play a significant role in promoting financial inclusion by enacting and enforcing policies and regulations that protect the rights of people with disabilities. This may involve ensuring equal access to financial services, prohibiting discrimination based on disability, and encouraging financial institutions to adopt inclusive practices.
By implementing these strategies, financial institutions, governments, and organisations can work towards greater financial inclusion for people living with disabilities, enabling them to actively participate in the economy, make informed financial decisions, and improve their overall quality of life.
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