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P R W P7255

e Global Findex Database 2014

Measuring Financial Inclusion around the World

Development Research Group

Finance and Private Sector Development Team

April 2015WPS7255Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized

Produced by the Research Support Team

?e Policy Research Working Paper Series disseminates the ?ndings of work in progress to encourage the exchange of ideas about development

issues. An objective of the series is to get the ?ndings out quickly, even if the presentations are less than fully polished. ?e papers carry the

names of the authors and should be cited accordingly. ?e ?ndings, interpretations, and conclusions expressed in this paper are entirely those

of the authors. ?ey do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and

its a?liated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

P R W P 7255

is paper is a product of the Finance and Private Sector Development Team, Development Research Group. It is part of

a larger eort by the World Bank to provide open access to its research and make a contribution to development policy

discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org.

e authors may be contacted at lklapper@worldbank.org. e Global Financial Inclusion (Global Findex) database, launched by the World Bank in 2011, provides compa- rable indicators showing how people around the world save, borrow, make payments, and manage risk. e 2014 edition of the database reveals that 62 percent of adults worldwide have an account at a bank or another type of nancial institution or with a mobile money provider.

Between 2011 and 2014, 700 million adults became

account holders while the number of those without an account—the unbanked—dropped by 20 percent to 2 billion. What drove this increase in account ownership? A growth in account penetration of 13 percentage points in developing economies and innovations in technology— particularly mobile money, which is helping to rapidly expand access to nancial services in Sub-Saharan Africa. Along with these gains, the data also show that big oppor- tunities remain to increase nancial inclusion, especially among women and poor people. Governments and the private sector can play a pivotal role by shifting the pay- ment of wages and government transfers from cash into accounts. ere are also large opportunities to spur greater use of accounts, allowing those who already have one to benet more fully from nancial inclusion. In developing economies 1.3 billion adults with an account pay utility bills in cash, and more than half a billion pay school fees in cash. Digitizing payments like these would enable account holders to make the payments in a way that is easier, more aordable, and more secure.

ACCOUNTS

THE GLOBAL FINDEX DATABASE

11

ACCOUNTS

Ownership of accounts

For the 2014 Global Findex database, account ownership is de?ned as having an account either at a ?nancial institution or through a mobile money provider. ?e ?rst category includes accounts at a bank or another type of ?nancial institution, such as a credit union, cooperative, or micro?nance institution. 1 ?e second consists of mobile phone-based services used to pay bills or to send or receive money. 2 To identify people with a mobile money account, the 2014 Global Findex survey asked respondents about their use of speci?c services that are available in their country—such as M-PESA, MTN Mobile Money, Airtel Money, or Orange Money—and included in the GSM Association"s Mobile Money for the Unbanked (GSMA MMU) database. ?e de?nition of a mobile money account is limited to services that can be used without an account at a ?nancial institution. People using a mobile money account linked to their ?nancial institution are considered to have an account at a ?nancial institution. 3 ?e question on mobile money accounts was asked only in the 74 economies—among the 143 included in the survey—where the GSMA MMU database indicates that mobile money accounts were available at the time the survey was carried out. 4

How does account ownership vary around the world?

Not surprisingly, account ownership varies widely around the world. In high-income OECD economies account ownership is almost universal: 94 percent of adults reported having an account in 2014. In developing economies only 54 percent did. ?ere are also enormous disparities among developing regions, where account penetration ranges from 14 percent in the Middle East to 69 percent in East Asia and the Paci?c (?gure

1.1; map 1.1).

Globally, nearly all adults who reported

owning an account said that they have an account at a ?nancial institution: 60 percent reported having a ?nancial institution ac- count only, 1 percent having both a ?nancial institution account and a mobile money account, and 1 percent a mobile money account only. Financial institutionaccount onlyFinancial institution and mobile money accountMobile money account onlyWorld 1

Source:

THE GLOBAL FINDEX DATABASE

12

IBRD 41559 | APRIL 2015

MAP 1.1

fi

IBRD 40563 | APRIL 2015

Adults with an account (%), 2014

0-4 5- 9 10-19 20-29

30-100

No GSMA MMU services

No data available

MAP 1.2

Source:

H Global Findex database.Note: "No GSMA MMU services" indicates the absence of mobile money account services included in the GSMA

MMU database.

fi

How acwHunthldHhcecacrls

Addults witishasgut- ecoo atn ecof

FIGURE4.5R44

GR4 ig -g g g gg

THE GLOBAL FINDEX DATABASE

14 How does account ownership vary by individual characteristics? ?e gap between income quintiles

With accountWithout account

61
4491
41
738
25
4

Source:

THE GLOBAL FINDEX DATABASE

15 ?e gender gap fi

Poorest

Q2 Q3 Q4

Richest

20112014

Source:

6 5 100
75
50
25
0

FIIGURE4.5R5EEG

R4R44IGURE5

44
GU5 G4RIG 5 4 fifi

Canada France Germany Italy Japan United

KingdomUnited

States

Poorest 40% of householdsRichest 60% of households

Source:

Global Findex database.

THE GLOBAL FINDEX DATABASE

16 ?e youth gap fi

Source:

How acuntunh

East Asia & PaciAc

Europe & Central Asia

Latin America & Caribbean

Middle East

South Asia

Sub-Saharan Africa2011

2014
Male

Female

High-income OECD economies

020 40 60 80 100

7

Source:

Global Findex database.

THE GLOBAL FINDEX DATABASE

17 In developing economies the unbanked live predominantly in rural areas. But precisely quantifying the urban-rural gap presents diculties. For one thing, distinguishing between urban and rural areas is not straightforward—should the distinction be based solely on population, on the availability of certain services and infrastructure, or on subjective measures such as the judgment of the interviewer or respondent? ?is is especially challenging in a cross-country context; what might be considered rural in Bangladesh or India, for example, might be considered urban in less populous countries. ?e Gallup World Poll—the survey to which the Global Findex ques- tionnaire is added—uses di?erent approaches across countries to account for country- speci?c characteristics, which makes it dicult to create a consistent de?nition of the urban-rural divide at the global and regional level. Another challenge is that the estimates of account ownership for urban populations are oen imprecise. ?e Gallup World Poll surveys a relatively small sample of about 1,000 individuals in most countries, and in those with a predominantly rural population—includ- ing many Sub-Saharan African countries—this oen means that the number of urban observations is very small, resulting in estimates with large margins of error. Moreover, since 2011 Gallup, Inc. has changed its methodology in a number of countries to improve the within-country geographical representativeness of samples. For some countries this has increased the challenges in making a meaningful comparison of ac- count ownership in rural areas over time. Two countries where a consistent methodology does allow such comparison are China and India (box 1.3). For all these reasons, the 2014 Global Findex database provides estimates for account penetration in rural populations but not urban populations and o?ers no comparisons of 2011 and 2014 data on rural account penetration at the global or regional level. How and how oen nancial institution accounts are accessed

How do account holders access their ac-

counts at ?nancial institutions—and how frequently? ?is section documents how oen people deposit or withdraw money and what means they use to access their accounts when making a withdrawal or another type of ?nancial transaction. 8

How often do account holders make

deposits or withdrawals?

In high-income OECD economies in 2014,

84 percent of adults with an account at

a ?nancial institution reported making at least one deposit, and 87 percent at least one withdrawal, in a typical month (?gures

1.9 and 1.10). In developing economies, by

East Asia & Pacific

Europe & Central Asia

High-income OECD economies

Latin America & Caribbean

Middle East

South Asia

Sub-Saharan Africa

100806040200

None1-23 or more

Source:

Global Findex database.Note: The categories do not sum to 100 percent because of "don't know" and "refuse" answers. 9

GO TO BOX 1.3

THE GLOBAL FINDEX DATABASE

18

100806040200

East Asia & Pacific

Europe & Central Asia

High-income OECD economies

Latin America & Caribbean

Middle East

South Asia

Sub-Saharan Africa

Made at least one deposit or withdrawal Did not make any deposits or withdrawals

Source:

Global Findex database.

11

100806040200

Source:

Global Findex database.

How acunut

East Asia & PaciAc

Europe & Central Asia

High-income OECD economies

Latin America & Caribbean

Middle East

South Asia

Sub-Saharan Africa

FIGURGE4.55

I

5.544RE5

GI

None1-23 or more

Note: The categories do not sum to 100 percent because of "don't know" and "refuse" answers. 10

THE GLOBAL FINDEX DATABASE

19

How do account holders in developing

economies make withdrawals?

How many people own and use debit cards?

ATMBankagentBank tellerOther

Source:

Global Findex database.Note: The categories do not sum to 100 percent because of “no withdrawals made," “don"t know," and “refuse" answers. 12

100806040200

THE GLOBAL FINDEX DATABASE

20

How many people own and use credit cards?

14 fi

East Asia

& PacicEurope & Central

AsiaHigh-income

OECD economiesLatin

America &

CaribbeanMiddle

EastSouth

AsiaSub-Saharan

Africa

Source:

How acunut

East Asia & PaciAc

Europe & Central Asia

High-income OECD economies

Latin America & Caribbean

Middle East

South Asia

Sub-Saharan Africa

Developing economiesWorld

Did not use card

Used cardDid not have card

Source:

Global Findex database.

13 unuh

100806040200

THE GLOBAL FINDEX DATABASE

21
How many people access nancial institution accounts through a mobile phone?

How do people make direct electronic

payments from financial institution accounts? 15

Source:

16

East Asia & PaciHcHas account at a

Anancial institution

Europe & Central Asia

High-income OECD economies

Latin America & Caribbean

Middle East

South Asia

Sub-Saharan Africa

Source:

Global Findex database.

020 40 60 80 100

Used debit card

Used credit card

Used mobile phone to access account

THE GLOBAL FINDEX DATABASE

22
NOTES 23

THE GLOBAL FINDEX DATABASE

23
1.1 How much have mobile money accounts driven growth in overall account ownership in African countries?

B1.1.2

2011
2014

Source:

Note:

B1.1.1

South AfricaSomaliaRwandaNamibia

Zimbabwe

ZambiaUgandaTanzaniaMali

KenyaGhanaCôte d'IvoireBotswana2004 2006 2008 2010 2012 2014

Number of services

Year service began

How acunththt

Adults wdish aggd-rie csonlgsc dfsoaerlir

li gd-ieolsc plefi wrdults wdish aggd-ire fsiseoaeldi d( %) fsrogsie do wdos

Number of services listed in GSMA MMU database

Source:

GSMA MMU database.

1 2 3 45 6

24

THE GLOBAL FINDEX DATABASE

24
1.2 Are mobile money accounts narrowing the gaps in account ownership? more 25

THE GLOBAL FINDEX DATABASE

25
1.3 Who are the newly banked? A look at China and India

B1.3.1

quotesdbs_dbs17.pdfusesText_23