The World Bank in its report last week stated that the global spread of mobile phones has provided the opportunity to deliver banking services to poor and rural areas, thus improving lives of many. A World Bank official, while giving an interview, said that access to bank accounts can especially help women, who are more likely to save and to spend on healthcare and education.
In the latest update to its Global Findex database, the World Bank found that 1.2 billion adults had gotten bank accounts since 2011 and 515 million since 2014, bringing the share of adults with accounts to 69% last year. The World Bank report terms digital financial services an essential part of the lifestyle as it enables governments to achieve universal financial inclusion.
So if governments lead the way properly, these digital financial services or Fintech offer a great opportunity to increase financial inclusion through mobile accounts.