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Sasha Rahming

Financial inclusion is the easy access and availability of banking systems, financial products, financial literacy, and awareness of financial policies to the residents of an economy. Financial inclusion is an important factor in a country’s strategy to achieve economic and social development by increasing the involvement of all members of society, decreasing criminal activities including money laundering and reducing informal financial transactions taking place. It is important to acknowledge the financial inclusion efforts by the Central Bank of the Bahamas including projects like the Sand Dollar project and modernized initiatives including proposals for consumer protection. However, many lower-income Bahamians still encounter barriers to open a bank account and many Family Island rural communities have no access to banking services at all. The paper will review different global financial inclusion strategies and offer recommendations to improve the level of financial inclusion in the Commonwealth of the Bahamas.