World Bank hails cellphones’ financial freedom for the poor
Access to a bank account can especially help women, who are more likely to save and to spend on healthcare and education, says economist
Washington — The spread of cellphones to all corners of the world offers access to banking services for poor and rural areas, improving lives, the World Bank said in a report on Thursday. Access to a bank account can especially help women, who are more likely to save and to spend on healthcare and education, World Bank economist Leora Klapper said. Governments can drive those improvements by shifting to digital payments, which more people will be able to access on cellphones. "I passionately believe formal financial services are key to eradicating global poverty and especially improving … women’s economic empowerment," Klapper said. The share of adults with accounts is growing but there are disparities among regions and, more starkly, between women and men, she said. In the latest update to its Global Findex database, the bank found 1.2-billion adults had set up bank accounts since 2011 and 515-million since 2014, bringing the share of adults with accounts to 69% in 2017. 'Tremendou...
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