Seeking out the banking sector�s lost sheep

The results of the inaugural Global Findex Database, caused consternation in the local financial services arena, when they were first released in 2012, indicating that only 30 percent of adults in Botswana held bank accounts. The World Bank global study looked at how countries save, borrow, make payments and manage risk. Researchers randomly sampled 150,000 interviewees worldwide, aged 15 years and above, to gauge the level of financial inclusion which refers to the delivery of financial services at affordable costs. According to the World Bank, financial inclusion is critical in reducing poverty and achieving inclusive economic growth.

“Greater access to financial services for both individuals and firms may help reduce income inequality and accelerate economic growth,” the Bank says.