The World Bank is urging governments in developing countries to do more to ensure people can get access to financial services – such as bank accounts – by boosting competition among service providers and protecting the rights of creditors<br /><br />Currently around 2.5 billion people – half of the world’s adult population – do not have such access, either because services are not available or they are too expensive. <br /><br />The World Bank believes having access to financial services plays a critical role in reducing extreme poverty and supporting inclusive and sustainable development,<br /><br />It says technological innovations – like using mobile phones to pay bills or send and receive money – are making it easier to expand financial services to the poor, women, people who live in rural areas and others who are under served. <br /><br />But it cautions that there are risks with things like microcredit which need to be well regulated.
