• Recently, the World Bank has released ‘The Global Findex Report 2021’.
  • The Global Findex surveys over 125,000 adults in 123 economies during Covid-19 to better understand how people use formal and informal financial services and digital payment.
  • The account ownership worldwide increased by 50 % to reach 76 % of the global adult population.
  • Recent growth in account ownership has been widespread across dozens of developing economies and most of the newly account opened in India and China.
  • Large shares of the global population without formal banking (130 million and 230 million, respectively) lives in India and China because of their size.
  • Women are often excluded from formal banking services because they lack official forms of identification, do not own a mobile phone or other forms of technology and have lower financial capability.
  • 74 % of men had an account in developing countries whereas women are six points behind, accounts for 68 %.
  • 24 % of adults are unbanked globally. Lack of money is one of the multiple reasons. Distance is a barrier for 31 % of unbanked adults.
  • People without an account at a financial institution or a mobile money service provider have been classified as unbanked.
  • Globally, 64 % of unbanked adults have primary education or less.
  • Worldwide, 36 % of unbanked adults said that financial services are too expensive.

Covid-19 and Digital Payments:

  • Covid-19 pandemic catalyzed growth in the use of digital payments.
  • In developing countries in 2021, 18 % of adults paid utility bills directly from an account. About one third of these paid bills online for the first time.
  • Mobile money has become enabler of financial inclusion in Sub-Saharan Africa, especially for women.
  • Sub-Saharan Africa is home to all 11 economies in which a larger share of adults-only had mobile money account rather that a normal bank account.
  • Government, private employers and financial providers helped expand financial access and usage among the unbanked by lowering barriers and improving infrastructure.
  • Financial inclusion has become a cornerstone for both short-term relief and sustainable recovery efforts since the Covid-19 pandemic.
  • Adults in developing countries are more likely to worry about finances than adults in high-income countries.
  • Concerns around medical expenses are highest in Sub-Saharan Africa and South Asia, where 64 % of adults are very worried and the lowest in East Asia and the Pacific, where 38 % of adults are very worried.


  • As to move out of the pandemic and as governments seek to consolidate the momentum and expand access to digital banking services, policies must factor in protections for the most vulnerable, including women, the poor and those with limited educational attainment or financial literacy.
  • The gender gap in mobile access must be addressed to ensure equitable progress on financial inclusion.


About sree nivas

Check Also


The country has 18 percent of the world’s population, but only 4 percent of its …

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Free Updates to Crack the Exam!
Subscribe to our Newsletter for free daily updates