World Bank report highlights role of Agent Banking in Malaysia’s successful financial inclusion push
Malaysia has achieved one of the highest levels of financial inclusion among middle-income countries. According to data from the central bank, 92% of the adult population in Malaysia had a bank account in 2015, the second highest rate in ASEAN after Singapore.
The World Bank published a report in May 2017, titled ‘Financial Inclusion in Malaysia: Distilling Lessons for Other Countries’, to identify the reforms and actions undertaken by Malaysia to drive financial inclusion. The third section of the report looks at Malaysia’s experience with “agent banking”, which leverages technology to provide financial services to under-served population.