One of the most discussed issues of modern times, financial inclusion or access to financial services, is a major development goal for all nations across the globe. A multidimensional concept, financial inclusion can be thought of as the proportion of individuals and firms that use financial services in an economy (World Bank, 2014). The level of financial inclusion varies across the world, with the share of adults in developed countries holding an account at a formal financial institution, more than twice the share in developing countries (World Bank, 2014). While access is certainly the pillar of financial inclusion, use of financial services is also important. While access essentially refers to supply of services, use is determined by demand as well as supply (DemirgüçKunt, et al., 2008).
