Cell phones, biometrics fuel jump in bank account ownership

The World Bank says that roughly seven out of every 10 adults worldwide now has some sort of bank account, up from 5 in 10 adults early this decade.

The growth is fueled largely by the proliferation of cell phone-based bank accounts and other simple bank account programs in places such as India and Sub-Saharan Africa.

An estimated 69 percent of adults had some sort of bank account in 2017, up from an estimated 51 percent in 2011, the World Bank said Thursday.

In India, bank account ownership more than doubled from 40 percent to 80 percent in six years. The Indian government has pushed to sign up individuals for simple, no-fee accounts tied to recently introduced biometric identification cards.

Africa also saw big growth, driven by mobile phone-based accounts.