The report recommends that policymakers adjust anti-money laundering and terrorist-financing controls to prevent the inadvertent exclusion of law-abiding customers. Recommended changes include "licensing bank agents, introducing tiered documentation requirements, requiring banks to offer basic or low-fee accounts, and allowing the evolution of new technologies such as mobile money."
More people around the world are gaining access to financial services and that's good news for the fight to end poverty on a global scale. In order to save money, start small businesses, advance their educations and manage a bout of unemployment or unexpected expenses, people need to be able to participate in the financial system. New data from the World Bank's 2014 Global Findex report offers reason to be optimistic about the future of financial inclusion and plenty of suggestions about how to navigate the challenges that lie ahead. Read on for seven big takeaways from the survey of 150,000 adults ages 15 and up in 143 countries.
Global financial inclusion efforts are making big strides
The number of unbanked adults worldwide fell to two billion, down 20% from the previous survey in 2011, according to the World Bank report. Sixty-two percent of all adults are now financial accountholders, up from 51% in 2011.