The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution is out
The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution presents key findings from the Global Findex Database. The Global Findex Database provides an insight on how adults save, borrow, make payments, and manage risk in 140 economies around the world. In addition, for the first time, the report features data on mobile phone ownership and access to the internet.
The 2017 report shows an evolution of financial inclusion and some progresses have been made worldwide. Indeed, there is an increase of adults’ access to a bank account. 69% of adults now have an account, up from 62% in 2014 and 51% in 2011 but the gender gap remains. While 72% of men have an account. 65% of women do. This gap of 7% was also present in 2014 and 2011. However, globally, about 1.7 billion adults are still unbanked.
The report reflects as well the power of technology and the importance of digital technology to increase financial inclusion. The use of digital payments is on the rise with 12% in 2014 to 44% in 2017 of adults using digital payments in developing economies. In addition, it notes that mobile phones and the internet increasingly offer an alternative to debit and credit cards for making direct payments.
The Global Findex Database 2017 sheds light also on how and why people save money and manage financial risks, as key aspects of financial inclusion.
To read the overview and the full report click here
Source: The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, Worldbank Group, April 2018
