Posted by Sam Kelly

Inclusive banking: Emerging Practices to Advance the Economic Inclusion of LGBTI People

The size and potential of the untapped banking market for Lesbian, Gay, Bisexual, Transgender, and Intersex (LGBTI) people is significant and growing in importance. Estimates suggest that LGBTI people have a collective annual spending power of $3.9 trillion and that they could represent up to 10 percent of the global population. However, many LGBTI people face challenges in accessing employment, entrepreneurship opportunities, and basic services that support economic advancement. These challenges extend to – and are exacerbated by – barriers in accessing opportunities in the financial sector, in terms of both employment opportunities and access to banking services and products.

Given the pressing need for financial inclusion, the banking sector is well-placed to lead the way on increasing LGBTI economic inclusion. This report, developed by Ergon for the IFC, sets out the business case for supporting LGBTI inclusion in the banking sector, drawing on emerging practices from leading international banks and financial institutions. It features first-hand information shared by more than 10 leading international banks on how they are advancing opportunities for LGBTI people as employees and customers.

A second publication, also developed by Ergon for the IFC, focuses on inclusive banking practices for people with disabilities. It will be published later in 2022.