More people worldwide are opening bank accounts

Africans using cellphones, older Chinese, and Indians getting a push from their government have fueled an unprecedented surge of people opening their first bank accounts. The number people with an account — either on mobile phones or at bank branches — jumped by 700 million between 2011 and 2014, the World Bank said Wednesday. The rise in new worldwide accounts has been driven by the spread of cellphones throughout areas like sub-Saharan Africa, where a bank could be miles away, and by strong economic growth in Asia.

It’s the first step of getting into the world’s financial system. Basic financial services can help people save and lift themselves out of poverty and take control of their finances.

Asli Demirguc-Kunt, who directs research at the World Bank and co-authored its 2014 Global Findex Survey

Mobile payment accounts are especially popular in Africa, where nearly 12 percent of the population has a mobile account compared with 2 percent worldwide, according to the World Bank. Overall account ownership in Africa rose from 24 percent in 2011 to 34 percent in 2014, largely driven by the wider use of devices. In five African countries — Ivory Coast, Somalia, Tanzania, Uganda and Zimbabwe — more adults have mobile money accounts than traditional bank accounts.

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