Sub-Saharan Africa beats South Asia at formal savings at financial institutions

The World Bank’s Global Findex Report (2014) analyses the state of financial inclusion in the world. Sub-Saharan Africans (SSAs) are saving more and formally through financial institutions. About 16% of adults (over 15 years of age) in SSA have formal savings in financial institutions, which is a higher proportion than South Asia (13%) and Europe & Central Asia (8%). Account ownership at a bank or other financial institutions in SSA is led by Mauritius (82%) and South Africa (69%) – both have higher proportions of adults with a bank account or with other financial institutions than Brazil (68%), Russia (67%) and India (53%). Read more here…