Financial inclusion has become a prominent development policy objective. Its promotion rests on the understanding that poverty and underdevelopment mainly result from financial constraints that individuals face. Better access to financial services, in particular via the use of mobile money services, is supposed to lift these constraints and allow for growth and development. After outlining this dominant approach and detailing its theory of change, this article challenges it on the basis of the mesoeconomic study (at territorial level) of areas particularly targeted by financial inclusion policies: Kenyan informal settlements. The study of their geography of money shows how the socio-spatial flows of money shape people's economic constraints and opportunities. Based on this empirical account, it is argued that the poor are, first and foremost, in a situation of monetary exclusion, rather than being primarily financially constrained. The article conceptualizes monetary exclusion and highlights the theory and policy implications of this situation.

中文翻译：

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肯尼亚贫民窟的货币排斥地理：有问题的金融包容性

普惠金融已成为一项突出的发展政策目标。它的推广基于这样一种理解，即贫困和不发达主要是由于个人面临的财政限制造成的。更好地获得金融服务，特别是通过使用移动货币服务，应该可以解除这些限制并促进增长和发展。在概述了这种主要方法并详细说明了它的变化理论之后，本文基于对金融普惠政策特别针对的区域（肯尼亚的非正规住区）的中观经济研究（在领土层面）对其提出质疑。对他们的货币地理的研究表明，货币的社会空间流动如何影响人们的经济约束和机会。基于这一实证说明，有人认为，穷人首先是，在货币排斥的情况下，而不是主要在经济上受到限制。本文将货币排斥概念化，并强调了这种情况的理论和政策含义。