World Bank Global Findex Database 2021

recently released the Global Findex Database 2021. As per report, account ownership has increased worldwide.

Report notes that, three out of four adults are having a financial account today. Despite that, 1.4 billion adults have no bank account.

In developing countries; wage payment, from private sector or government sector, for 20 percent of adults was made into an account.

Around 91% of these recipients were involved in digital payment from their account.

70 percent of adults used their account to store Money for cash management. Around half of the adult used their account for saving money and half adults used it to borrow money.

Global Findex Database 2021 suggests that, 39% of adults or 57% of those having a financial institution account chose to open their first account at a financial institution in order to receive money from the government or to receive wage payment.