Cell Phones, Biometrics Fuel Jump In Bank Account Ownership

NEW YORK (AP) — Roughly seven out of every 10 adults worldwide now has some form of a bank account, the World Bank said Thursday, largely due to by the proliferation of cell phone-based bank accounts and other simple bank account programs in places like India and Sub-Saharan Africa. The finding is a sign of the improved financial wellbeing of those living in developing countries and particularly women, who increasingly have a safe place to store their savings and are able to participate in the growing digitalization of the global economy. But women still lag behind their male counterparts in bank account ownership, the World Bank report said. An estimated 69 percent of adults had some sort of bank account in 2017, up from an estimated 51 percent in 2011 and up from 62 percent in 2014.Read more on NewsOK.com

Topics:  york ap     roughly   india   sub-saharan   africa   newsok   world bank   an   cell   percent   adults   women   estimated   
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