Abstract
On April 19, 2018, the third Global Findex Database was released by the World Bank at the Bank’s Spring Meetings. According to CGAP, this dataset is “the financial inclusion community’s best demand-side measure of financial inclusion globally.” Overall, the dataset points to an increasingly inclusive financial world that is also transitioning to a digital economy. Bangladesh, too, made impressive gains in certain yardsticks for financial inclusion based on this dataset. For instance, the share of people with financial accounts increased from 29 percent to 41 percent, in three years. However, financial inclusion yardsticks should go beyond opening of bank and financial accounts and also encompass usage of accounts. It is only when people are actively using their accounts will we have meaningful financial inclusion.
Highlights
On April 19, 2018, the third Global Findex Database was released by the World Bank at the Bank’s Spring Meetings
The dataset points to an increasingly inclusive financial world that is transitioning to a digital economy
Referring to the 2017 Global Findex, Ms Greta Bull, CEO of CGAP and a Director at the World Bank Group, had to say, “I have been working in the financial inclusion industry for 18 years, and I have never seen the kinds of gains in access we have seen over the past decade
Summary
On April 19, 2018, the third Global Findex Database was released by the World Bank at the Bank’s Spring Meetings. The share of people with financial accounts increased from 29 percent to 41 percent, in three years This may appear to be high and is an outcome of the fact that the World Bank definition of a financial account included bank accounts or accounts at other financial institutions such as microfinance institutions, cooperatives, and credit unions. Those without a financial institution account were asked their reasons for not owning one. Other reasons frequently cited include “someone in the family has an account,” “financial services are too expensive,” “financial institutions are too far away,” and “lack of necessary documentation” (Fig 2)
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