News release: “Three quarters of the worlds poor do not have a bank account, not only because of poverty, but also because of the cost, travel distance, and amount of paper work involved in opening one, says the World Bank. Those without access to formal banking often have to rely on money lenders who often charge high fees. The unbanked are also less likely to start their own business or insure themselves against unexpected events. Financial inclusion, or being banked can be transformative, as it allows poor people to build a more secure future. The ability to save and borrow allows them to build their assets, start a business, invest in education, establish a credit rating, and eventually own a home. “Providing financial services to the 2.5 billion people who are unbanked could boost economic growth and opportunity for the world’s poor, said World Bank Group President Robert B. Zoellick. Harnessing the power of financial services can really help people to pay for schooling, save for a home, or start a small business that can provide jobs for others. This new report on the world’s ‘unbanked’ makes the case: the more poor people are banking today, the more they are banking on their future.”
- Measuring Financial Inclusion: The Global Findex Database World Bank Policy Research Working Paper 6025. Asli Demirguc-Kunt and Leora Klapper, 2012.
- Global Findex Website and – Data Portal
