Thursday
April 19
2018

Global Findex: Technology Can Bridge Financial Inclusion Gap

By Jon Clifton and Leora Klapper

A new World Bank report based on data collected in partnership with Gallup shows that 1.2 billion adults worldwide have opened a bank account since 2011, including 515 million in the past three years. Globally, 69% of adults — 3.8 billion people — now have an account at a bank or with a mobile money provider.

These numbers are important because bank accounts offer people a pathway out of poverty by helping them invest in education and business opportunities. They also make it easier to manage unexpected expenses — like a hospital bill or the loss of a breadwinner — that can push families into hardship.

That’s why the World Bank and Gallup work together to collect data for the Global Financial Inclusion (Global Findex) database, which tracks how adults in more than 140 economies use bank accounts, save money, access credit and manage financial risks.

The World Bank and Gallup have updated the Global Findex every three years since its launch in 2011. The recently unveiled 2017 edition offers some new features, including a focus on digital technology’s growing role in personal banking.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.

Source: Gallup (link opens in a new window)

Categories
Finance, Technology
Tags
financial inclusion, financial services, fintech, mobile money, technology, unbanked, World Bank