Global Findex Database 2021
The World Bank recently released the “Global Findex Database 2021”.
Major findings of the report
According to this report, account ownership has increased worldwide.
Today three out of four adults have a financial account, according to this report. Yet 1.4 billion adults do not have a bank account.
Account ownership has increased by 50% worldwide, with 76 percent of the adult population having access to accounts.
Account ownership has increased widely in dozens of developing economies, and most new accounts have been opened in India and China.
Access to Formal Banking
The bulk of the global population (130 million and 230 million, respectively) without formal banking lives in India and China.
Men in developing countries accounted for 74%, while women were six points behind, with 68% of the accounts.
Globally 24% of adults are unbanked, with one of various reasons being a lack of money, with distance being a barrier for 31% of unbanked adults.
People who do not have an account with any financial institution or mobile money service provider are classified as unbanked.
Globally, 64% of unbanked adults are educated at the primary level or below.
36% of unbanked adults worldwide say financial services are too expensive.
Covid-19 and digital payments
In 2021, 18% of adults in developing countries paid utility bills directly from the account. About one-third of these bills were paid online for the first time.
Mobile Money is supporting financial inclusion in sub-Saharan Africa, especially for women.
There are 11 economies where adults have more mobile money accounts than financial institution accounts, all located in sub-Saharan Africa.
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