Technology drove sharp worldwide jump in bank accounts

April 15, 2015 8:13 PM

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The number of people worldwide who hold accounts at banks or a mobile phone-based money service jumped 22% between 2011 and 2014, indicating that new technologies, such as mobile phones and digitized payments, have made it easier for people in developing countries to connect to the formal economy.

Globally, 62% of adults have a bank account, up from 51% in 2011, the Global Financial Institution (Global Findex) database found. Global Findex, funded by the Bill & Melinda Gates Foundation, collects data on how people worldwide manage their money and use financial services, such as banks.

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