Two billion adults remain without bank accounts

The report also revealed that a contributing factor to the two billion adults without bank accounts is the gender gap. (File photo: Shutterstock)

An annual report released by The World Bank showed that two billion adults worldwide are without bank accounts.

The reported, titled The Global Findex 2014, revealed that two billion people still remain unbanked, as more than half of adults in the poorest 40 percent of households in developing countries having no access to financial services.

It also revealed that the Middle East is the worst affected region, with only 14 percent of adults have access to the financial system, compared with 62 percent worldwide.

However the figures showed a 20 percent decrease from the 2.5 billion recorded adults without bank accounts in 2011.

The decrease is reportedly driven by the spread of mobile banking, which offers people access to virtual bank accounts through their mobile phones.

In Sub-Saharan Africa, 12 percent of adults (64 million adults) have mobile money accounts, compared to just two percent worldwide, however 45 percent of them only have a mobile money account.

The report also revealed that a contributing factor to the two billion adults without bank accounts is the gender gap. Globally, 65 percent of men were reported to have an account in 2014, while only 58 percent of women did.

 

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Last Update: Wednesday, 20 May 2020 KSA 14:12 - GMT 11:12
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