Good News · Feature
Between 2011 and 2021, the proportion of adults worldwide with a financial account rose from 51 to 76 per cent. The World Bank also documents a smaller gender gap in developing countries. Accounts and mobile money services can make everyday life and economic independence easier. Their mere existence, however, proves neither financial security nor fair terms.
What the global survey reveals
The World Bank's Global Findex survey recorded worldwide account ownership among 76 per cent of the adult population in 2021. The figure had been 51 per cent in 2011 and around 68 per cent in 2017. Here, accounts include not only conventional bank accounts but also those offered by other regulated financial institutions and mobile money services. This broad definition better reflects different financial systems, but must be kept in mind when making comparisons. The increase means that substantially more people were able to store, send or receive money through formal services. It does not automatically reveal how often these options were used. Account ownership is therefore a basic measure of access when assessing financial inclusion, but not complete proof of success. Nevertheless, the long-term rise documents a significant expansion in people's economic options.
New routes to access beyond traditional branches
The importance of mobile money services is particularly interesting. According to Findex figures, about a third of adults in sub-Saharan Africa held such an account in 2021. These services can create access where conventional banking structures are difficult for many people to reach. At the same time, the most recent growth in account ownership was spread across more countries than in earlier survey rounds. The World Bank also reports that the gender gap in account ownership in developing countries fell from nine percentage points previously to six. This is progress, but not yet equality. An account of one's own can support independence, but does not guarantee that the person concerned has sole control over it or can use it without obstacles. For a more detailed assessment, opportunities for use, actual control and reliable access are therefore just as important as registration.
Why more accounts do not automatically mean greater security
An account eliminates neither poverty nor irregular income. Fees, hard-to-understand terms and digital barriers can limit its usefulness. Equally, access to financial services should not be confused with a recommendation for particular loans or investment products. The Findex data continue to show lower account ownership among women, poorer and younger adults, and people outside the labour market. These remaining differences are particularly helpful in putting the progress into precise perspective. The good news is that formal financial access has become substantially more widespread within a decade. The more demanding follow-up question is whether this leads to reliable, fair use on people's own terms. Anyone wishing to assess financial inclusion should therefore look beyond the number of accounts opened and also consider which specific needs people are actually better able to meet through them.
Sources & further reading
- World Bank: Global Findex 2021, Headline findings on account ownershipworldbank.org
- World Bank: COVID-19 Drives Global Surge in use of Digital Paymentsworldbank.org
Written in our own words with AI assistance, based on the sources listed above. The text distinguishes research findings, technical prototypes and established knowledge. This feature is not a breaking-news report.