WASHINGTON—In what will come as little surprise to credit unions, a new report shows mobile banking use surged in 2021.
According to the World Bank’s Global Findex 2021 database, the COVID-19 heath crisis drove the surge.
The database shows that Nigeria and other parts of Sub-Saharan Africa experienced continued rise in mobile money adoption, with 33% of adults now having mobile money accounts—three times larger than the 10% global average.
World Bank Group President David Malpass said digital revolution has catalyzed increases in the access and use of financial services across the world and transformed ways in which people make and receive payments, borrow, and save, The Nation reported.
Policymaker Priorities
“Creating an enabling policy environment, promoting the digitalization of payments, and further broadening access to formal accounts and financial services among women and the poor are some of the policy priorities to mitigate the reversals in development from the ongoing overlapping crises,” Malpass told the publication.
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