Financial Inclusion and Its Role in Achieving Sustainable Development in Accordance with Saudi Arabia’s Vision 2030

Abstract

This research explores the role of financial inclusion in enhancing sustainable development in the Kingdom of Saudi Arabia as envisioned in the 2030 Vision. It focuses on how to empower financial and banking services to cover a wider range of individuals and groups within society, thereby enhancing economic growth and improving the overall efficiency of the financial sector. The challenges faced in achieving financial inclusion and its potential impact on the Saudi macroeconomy, including its direct and indirect effects on poverty and investment rates, form the core issue of this study. The research revolves around identifying and analyzing the actual impact of financial inclusion on achieving sustainable development goals within the Saudi context, along with the opportunities and obstacles associated with it. Through the study, it has been found that financial inclusion plays a vital role in enhancing sustainable development by providing equal opportunities to access financial services and contributing to the reduction of economic and social gaps. It enhances the effectiveness of monetary and financial policies, achieves higher levels of financial and economic stability, and supports financial and banking innovation. The study also highlights that achieving financial inclusion contributes to economically empowering women and enhancing their capacity to participate effectively in the economy. There is a necessity to develop the financial and technological infrastructure to support financial inclusion, improve regulatory frameworks for consumer protection, and work on educating and raising public awareness about financial services. The study emphasizes the importance of learning from international experiences to overcome the obstacles that hinder the effective achievement of financial inclusion.