World's poorest now opening more bank accounts, says World Bank
World Bank survey finds 62pc of people use bank accounts or mobile money services
Nearly three quarters of a billion people opened bank accounts or used mobile money providers for the first time from 2011 to 2014, a major leap forward in access to financial services that development experts say is key to ending global poverty.
The Global Findex survey, produced by the World Bank, found that 62 per cent of people worldwide now use financial institutions or mobile money services, up from 51 per cent in 2011, a 700 million increase from three years ago.
A 13 percentage point gain in developing countries, and an even faster advance of 17 percentage points among the poorest, plus innovations in mobile technologies drove the gains.
But two billion people remain "unbanked", with over half the adults in the poorest 40 per cent of households in developing countries having no access to financial services.
And the gender gap remains stubbornly persistent. Fewer women than men in developing countries have access to financial services, despite a concerted campaign to reach women.
Even many of those with bank accounts still rely on cash transactions for monthly utilities and school fees, and savings are held in cash rather than secure accounts, the survey found.
