Responsible Finance Forum

Financial Regulations for Improving Financial Inclusion

Stijn Claessens and Liliana Rojas-Suarez
01 January 2016
Source:  Center for Global Development

As recently as 2011, only 42 percent of adult Kenyans had a financial account of any kind; by 2014, according to the Global Findex database (World Bank 2015), that number had risen to 75 percent, including 63 percent of the poorest two-fifths. In Sub-Saharan Africa as a whole, the share of adults with financial accounts, either a traditional bank account or a mobile account, rose by nearly half over the same period. Many countries in other developing regions have also recorded gains, if less dramatic ones, in access to the basic financial services that most people in richer countries take for granted. Much of this progress is being facilitated by the digital revolution of recent decades, which has led to the emergence of new financial services and new delivery channels