Biggest financial news of 2016

With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and biggest financial news of 2016 that everyone sees benefits from economic growth.

Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. What Will It Take for Pakistan to Achieve Financial Inclusion? STORY HIGHLIGHTS In May 2015, Pakistan launched its National Financial Inclusion Strategy to achieve its financial inclusion goals. Despite the low use of digital financial instruments, Pakistan is leading the way in South Asia in mobile money.

About 100 million adults in Pakistan don’t have access to formal and regulated financial services. Having a formal and regulated transaction account opens access to other financial services, such as savings, payments, insurance and credit, all of which can help people better manage their lives and reduce poverty. Pakistan is also among the 25 countries the World Bank Group and partners are prioritizing as part of the efforts to reach Universal Financial Access by 2020. 5 million of Pakistani adults cite distance to a financial institution as a barrier to opening a financial account. The use of digital financial instruments is low. South Asia’s average of less than 2.