Takeaways From The Global Financial Index Report 2021.
The technological revolution, and the accelerated adoption of digital solutions as a result of the COVID-19 pandemic, are transforming access to finance. As the 2021 edition of the Global Findex database shows, 71 percent of adults in developing economies now have a formal financial account, compared to 42 percent a decade ago when the first edition of the database was published. And the gap in access to finance between men and women in developing economies has fallen from 9 percentage points to 6 7 6% of adults around the world now own an account, could be a bank account, mobile money account, SACCO,mutual funds etc. 33% of adults in sub Saharan Africa have a mobile money account. We have 1.4 Billion unbanked adults around the world, around 600 Million are in India. Lack of money and one family member owning an account being the main reasons for lack of an account. 2/3 or 66.6 % of adults world wide make or receive digital payments. Since the pandemic, 41 % of adults made thei...