June 30

How the Pandemic Accelerated Financial Inclusion Around the World

By Felicity Glover

The world’s digital revolution, which accelerated during the Covid-19 pandemic, has transformed the financial services sector, spurring fiscal inclusion and leading to more people than ever before having access to a bank account for the first time, according to the World Bank’s Global Findex 2021 report.

As of 2021, 76 percent of adults globally now have an account either at a bank, other financial institution or with a mobile money provider — up from 68 percent in 2017 and 51 percent in 2011, the Washington-based lender said.

The Global Findex report is published every three years and surveyed how people in 123 countries use financial services and FinTech.

Photo courtesy of Bill Oxford.

Source: The National News (link opens in a new window)

Coronavirus, Finance, Technology
financial inclusion, fintech