Browsing: Know Your Customer (KYC)

• Data from the World Bank’s Global Findex Database 2021 indicates significant strides in female financial inclusion over the past decade.
• In the 10 years leading up to 2021, the share of women in Africa who owned a financial account doubled to more than 49 per cent.
• This surge in women’s account ownership in many developing countries is largely attributed to mobile money platforms.

Data from the World Bank’s Global Findex Database 2021 indicates significant strides in female financial inclusion over the past decade. The gender gap in ownership of formal financial accounts in developing countries has decreased from 9 to 6 per cent, signifying a move towards financial parity for women.

The increase in account ownership among women has outpaced that of men, with 68 per cent of adult women in developing nations now participating in formal financial systems. This surge in women’s account ownership in many developing countries is …