Global Findex Database 2021

Tags: Economy/Finance

The World Bank recently released the “Global Findex Database 2021”.

  • Major findings of the report

  • Account ownership

  • 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.

  • Unbanking

  • 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

  • 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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