Share of adults with an account at a financial institution

Account denotes the percentage of respondents who report having an account (by themselves or together with someone else) at a bank or another type of financial institution or report personally using a mobile money service in the past 12 months (% age 15+).

Periodicity:

Triennial

Aggregation method:

Weighted average

Statistical concept and methodology:

Methodology: Account denotes the percentage of respondents who report having an account (by themselves or together with someone else) at a bank or another type of financial institution or report personally using a mobile money service in the past 12 months (% age 15+). Assessment conducted triennially Statistical concept(s): Account denotes the percentage of respondents who report having an account (by themselves or together with someone else) at a bank or another type of financial institution or report personally using a mobile money service in the past 12 months (% age 15+). Assessment conducted triennially

Development relevance:

Financial inclusion allows individuals and firms to take advantage of business opportunities, invest in education, save for retirement, and insure against risks (Demirgüç-Kunt et al., 2008). At the G20 Summit in 2010 held in Seoul, South Korea, financial inclusion was recognized as one of the nine key pillars of the global development agenda (GPFI, 2011). Therefore, financial inclusion is a key pillar to country development since financial inclusion ensures that everyone benefits from banking services and help to eradicate poverty and reduce inequality. In this sense, financial inclusion should be understood as the coexistence of a variety of formal financial services, offered at a fair price, in the right place, in the form and time required, and without inequity to all agents of the economy, especially for at-risk groups such as unprotected segments and low-income families (see, for example, Agarwal, 2010; Hannig and Stefan, 2010; Sarma and Pais, 2011; Kumar, 2013; Ghosh and Dixit, 2014; Talledo, 2015; Aparicio et al., 2016; Schmied and Marr, 2016; among others). In addition, nowadays, financial inclusion is a key pillar to green finance since sustainable development is the path way to the future in the way that if offers a framework to increase the levels of per capita GDP. In this line, financial development and economic growth have received considerable attention across recent decades (Levine et al., 2000; Bruce et al., 2013), and there is consensus around the positive effect of financial variables on economic growth (Levine, 2005). Over time, the position of the financial sector in relation to economic growth has generated increasing research, with the literature generally focused on economic growth as associated with domestic savings, capital accumulation, technological innovation, income growth, and financial determination (Levine et al., 2000; Honohan, 2004; DFID, 2004; Levine, 2004; Andrianova and Demetriades, 2008). https://www.sciencedirect.com/science/article/pii/S2110701724000027

Other notes:

Each economy is classified based on the classification of World Bank Group's fiscal year 2022 (July 1, 2021-June 30, 2022).