South Asia
South Asia, home to a population of over 1.9 billion, is grappling with financial exclusion. According to the Global Findex 2021 database, the region's financial inclusion rate is 68 percent, which falls below the average of 71 percent of developing economies. The share of adults with accounts has remained largely unchanged since 2017. However, the rising presence of mobile phones offers a unique opportunity to boost account ownership through mobile payments. According to the Global Findex, over half of the 430 million adults without accounts in the region own a mobile phone.
Sub-Saharan Africa
Sub-Saharan Africa continues to lead the world in mobile money adoption, which is driving financial inclusion in the region. The latest data from the Global Findex 2021 shows that 33 percent of adults in the region have a mobile money account, compared to just 10 percent globally. However, the region remains behind in terms of overall account access. Only 55 percent of adults own an account with a financial institution or mobile money provider, compared to the 71 percent average for developing economies.
Latin America and the Caribbean
Latin America and the Caribbean (LAC) is making significant strides towards financial inclusion, according to the latest edition of the Global Findex from 2021. The World Bank database, which tracks financial inclusion worldwide, reveals that 73 percent of adults in the region, excluding high-income economies, now have access to an account with a financial institution or mobile money provider, marking an impressive increase of 18.5 percentage points since 2017. This jump in account ownership is the largest of any developing region and places overall account ownership in LAC slightly above the developing economy average of 71 percent.
Europe and Central Asia
In Europe and Central Asia (ECA), the progress towards financial inclusion has been impressive, with a surge in the number of adults with bank accounts. According to the latest edition of the Global Findex which provides data for 2021, the share of adults with a bank account in the region, excluding high-income economies, increased from 65 percent in 2017 to 78 percent in 2021, which is higher than the developing economy average of 71 percent. In addition, ECA has the lowest percentage of inactive accounts among developing economies, standing at only 3 percent compared to the 13 percent developing economy average.
East Asia and Pacific
Financial inclusion in East Asia and the Pacific region is well below the world average. According to the latest edition of the Global Findex which provides data for 2021, only 59 percent of adults in the region have an account. This figure excludes China, where account ownership is much higher, at 89 percent. Notably, there is a significant variance within the region, with account ownership ranging from only 33 and 37 percent of the adult population in Cambodia and Laos, respectively, to 96 percent in Thailand.
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