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Articles by Leora Klapper
Real-time economic disruption and recovery from Atlantic hurricanes across the US
Abstract Climate projections indicate substantial increases in hurricane activity under continued warming, yet how local economies adjust to hurricanes in real time remains poorly understood. Using daily transaction data from 7,987 US ZIP codes exposed to 21 Atlantic hurricanes between 2017 and 2024, we examine aggregate merchant sales and consumer spending to quantify disruption and test for substitution across locations and channels.
Building on connectivity to transform financial inclusion in Arab countries
A new Global Findex Note, “Digital Connectivity and Financial Inclusion in Arab Countries”, reviews the region’s progress on financial inclusion, assesses financial vulnerabilities, and identifies pathways to build greater economic resilience — drawing on the latest evidence from the Global Findex 2025.
Agriculture’s cash problem has a digital solution
Digital connectivity is helping agricultural producers in sub-Saharan Africa mitigate the risks common to people who rely on farming for income. Digital payments, in particular, enable more secure transactions and traceability, while creating opportunities for recipients to safely save their income between harvests, access insurance products, build credit histories, and reduce the time and cost of receiving payments.
Two grandmothers, contrasting experiences: The digital finance opportunity for aging Asia
Picture two grandmothers, both in their late sixties, heading to their local market on a Monday morning. One in Ulaanbaatar, Mongolia, taps her phone to pay for vegetables, checks her government pension in an app, and heads home. The other, in Manila, counts out banknotes, as she has done her whole life. Her phone, if she has one, stays in her pocket. This contrast is not anecdotal.
Why financial health should be the next global priority
Financial inclusion is rising globally yet financial resilience remains stagnant for over half of adults. Policy-makers must shift focus from basic account access to comprehensive measures of long-term financial wellbeing. Building responsible digital ecosystems and fit-for-purpose savings tools is essential to strengthening household financial health. By many measures, financial inclusion is rising.
Mongolia's child money program: Early account ownership and financial inclusion at scale
Child investment accounts seeded with government funds are generating significant interest among policymakers around the world. Mongolia offers a compelling and underexplored case study: a middle-income country that has operated such a program for two decades, with striking results.
Монгол улсын Xүүxдийн мөнгө xөтөлбөр: Эрт данс эзэмших ба санxүүгийн xүртээмжийн оролцоо
Засгийн газрын санхүүжилтээс эx үүсвэр нь бүрдсэн хүүхдийн xөрөнгө оруулалтын данс нь дэлхийн улс орнуудын бодлого боловсруулагчдын сонирхлыг ихээхэн татаж байна. Туxайн xөтөлбөрийг Монгол улс 20 жилийн турш xэрэгжүүлж, өндөр үр дүнд xүрсэн нь дундаж орлоготой орны xувьд сонирхолтой бөгөөд бүрэн судлагдаагүй жишээ болж байна.
Mobile phone ownership is widespread. Why is digital inclusion still lagging?
Barriers to digital inclusion Adults without a smartphone often face the same barrier: cost. By far, the largest share of respondents in South Asia and Sub-Saharan Africa, where ownership levels are lower, said they could not afford the device. Overcoming these supply-side barriers may not be as simple as offering free or subsidized devices.
Malgré la diffusion massive des téléphones mobiles, l’inclusion numérique peine à progresser : pourquoi ?
Les obstacles à l’inclusion numérique Les adultes qui ne possèdent pas de smartphone se heurtent souvent au même obstacle : le coût. En Asie du Sud et en Afrique subsaharienne, où les taux de possession d’un smartphone sont les plus faibles, la majorité des personnes interrogées ont indiqué qu’elles ne pouvaient tout simplement pas se permettre d’en acheter un. Agir du côté de l’offre, par exemple en procurant des appareils gratuits ou subventionnés, ne résout pas automatiquement le problème.
When wind speeds mislead: What hurricanes really do to local economies-and how real-time data can shape policy
Hurricane categories make headlines, but for local businesses and workers, the economic impacts don’t always follow. While much research has focused on household preparedness and physical damage, far less is known about how local business activity responds to hurricanes across industries.
数字技术驱动未来的就业
肯尼亚的一名农民使用移动应用程序实时获取作物收割提示、查看市场价格，并直接与买家和贷款机构联系。印度尼西亚的一名妇女通过社交媒体接收外卖订单并安排送货。牙买加一家小旅馆的老板在预订平台上发布房间信息、在线管理客人的预订。达喀尔的一名街头小贩用智能手机把手工制造的首饰销往非洲各地。在马尼拉，一名大学生通过网上学习平台为偏远地区的高中生讲解数学。 当前传统的领薪就业模式正在迅速演变中，而上面这类故事正在成为新常态。，人们通过此类平台获得客户、管理业务并接收付款——而所有这些都可在掌中完成。 大多数人可将收到的款项直接汇入他们的金融账户，这为储蓄和保险等其他金融产品打开了大门，也使政府可以以创新方式发放社会转移支付。 2025年《全球金融包容性指数》报告（Global Findex 2025）中的新数据揭示了诸多此类关于科技与金融包容的发展趋势，并跟踪了各国在多大程度上为抓住数字化就业带来的机遇做好了准备。 网络连接：机会的基石...
Digital technology is driving the future of jobs
A farmer in Kenya uses mobile apps to get real-time harvesting tips, check market prices, and connect directly with buyers and lenders. A woman in Indonesia takes meal orders and arranges deliveries through social media. A small innkeeper in Jamaica lists rooms on booking platforms and manages reservations online. A street vendor in Dakar sells handmade jewelry across Africa using just her smartphone.
La tecnología digital impulsa el futuro del empleo
En Kenya, un agricultor utiliza aplicaciones móviles para obtener información en tiempo real sobre las cosechas, consultar los precios del mercado y conectarse directamente con compradores y prestamistas. En Indonesia, una mujer toma pedidos de comida y organiza entregas a domicilio a través de las redes sociales. En Jamaica, un pequeño posadero publica habitaciones en plataformas de reservaciones, que gestiona en línea.
L’avenir de l’emploi passe par les technologies numériques
Au Kenya, un agriculteur utilise des applications mobiles pour obtenir en temps réel des conseils sur les récoltes, consulter les prix du marché et entrer directement en contact avec des acheteurs et des banques. En Indonésie, une entrepreneuse reçoit des commandes de repas et organise les livraisons via les réseaux sociaux. En Jamaïque, un petit hôtelier propose ses chambres sur des plateformes de réservation en ligne.
The Global Findex Database 2025: Connectivity and Financial Inclusion in the Digital Economy
Skip to main content Financial inclusion is a cornerstone of development, and since 2011, the Global Findex Database has been the definitive source of data on the ways in which adults around the world use financial services, from payments to savings and borrowing, and manage financial events such as a major expense or a loss of income. Results from the first survey were published in 2011 and have been followed by subsequent survey results from 2014, 2017, and 2021.
La propiedad de teléfonos móviles está muy extendida. ¿Por qué sigue rezagada la inclusión digital?
Obstáculos para la inclusión digital Los adultos que no poseen un teléfono inteligente a menudo enfrentan el mismo obstáculo: el costo. Con creces, la mayor parte de los encuestados en Asia meridional y África subsahariana, donde los niveles de tenencia son más bajos, dijeron que no podían comprar un dispositivo. Superar estas barreras por el lado de la oferta puede no ser tan sencillo como ofrecer aparatos gratuitos o subsidiados.
Agricultural work is hard: Getting paid shouldn’t be
By Alexandra Norris and Leora Klapper Working on a farm, whether growing crops or raising animals, is hard work. The days are long, and the risk of drought, flood, or damaging storm is always in the background. Despite how hard it is, one in three adults in Sub-Saharan Africa receive agricultural payments, making them an important source of household income, according to the latest Global Findex 2021 regional note, Digitalizing Agricultural Payments in Sub-Saharan Africa.
Agricultural Work Is Hard: Getting Paid Shouldn’T Be
Agricultural Work Is Hard: Getting Paid Shouldn’T Be 11/12/2024 7:06:52 PM (MENAFN- Caribbean News Global) By Alexandra Norris and Leora Klapper Working on a farm, whether growing crops or raising animals, is hard work. The days are long, and the risk of drought, flood, or damaging storm is always in the background.
Digital finance boosting women’s financial inclusion in sub-Saharan Africa: Emerging evidence
Editor's note: This viewpoint is part of Foresight Africa 2024. In the 10 years leading up to 2021, the share of women in sub-Saharan Africa who owned a financial account more than doubled to reach 49%, according to data from the Global Findex. Since 2017 alone, account ownership rates for women in the region increased 12 percentage points, driven entirely by increased adoption of mobile money accounts.
Building evidence for effective policies using tax service data
By Leora Klapper As economists, we rely on access to accurate and reliable data to assess the impact of fiscal or monetary policies on economic outcomes. The good news for us ― and for all researchers ― is that the South Korean National Tax Service (NTS) has opened its NTS data lab to data requests, providing "pseudonymized" individual or firm level tax data, including global income tax, value-added tax, withholding tax and other important taxes.
Mobile Phone Technology Could Expand Equitable Access to Financial Services in Ethiopia
Data from the Global Findex Database indicate that the percentage of adults with bank accounts in Ethiopia has more than doubled since 2014 to reach 46%. However, despite this growth, financial equity in the population has decreased. In particular, there are significant disparities in account ownership based on gender, income, and education.
Expanding the Benefits of Financial Services
Having a financial account is essential for adults to save, borrow, make payments and manage unexpected expenses, however, inexperienced account owners are vulnerable to fraud, over-indebtedness, and misunderstandings about account terms and fee structures. Financial products come with risks, especially for those with limited financial knowledge or living in countries with poor consumer protection systems.
Maintaining momentum of financial inclusion through digital adoption in the West African Economic and Monetary Union (WAEMU)
By Leora Klapper and Mazen Bouri West African Economic and Monetary Union (WAEMU) countries have seen increased financial account ownership since 2014, with mobile money accounts driving adoption and usage. On average, 41 percent of adults in the WAEMU have an account with a bank or similar institution or with a mobile money service. Senegal has the highest account ownership rate at 56 percent, but it still falls 15 percentage points below the developing economy average.
Maintaining momentum of financial inclusion through digital adoption in the West African Economic and Monetary Union (WAEMU)
West African Economic and Monetary Union (WAEMU) countries have seen increased financial account ownership since 2014, with mobile money accounts driving adoption and usage. On average, 41% of adults in the WAEMU have an account with a bank or similar institution or with a mobile money service. Senegal has the highest account ownership rate at 56%, but it still falls 15 percentage points below the developing economy average.
5 Approaches to Advance Financial Inclusion for Women
Women with their own bank accounts benefit from having an independent say over how their money gets spent, as well as the ability to receive it, store it, spend it, save it and invest it safely. But as recently as 2011, there was no single source of data that differentiated how women and men access and use financial services. This data gap was a problem because it meant that the world didn’t have concrete information on the unique challenges women face accessing or using financial services.
The developing world is facing a new debt crisis
The recently concluded COP27 in Sharm el-Sheikh had one important outcome for developing countries: the announcement of a loss and damage fund. This fund will help address climate injustice by helping low-income countries address climate change disasters.
The high price of education in Sub-Saharan Africa
The promise of universal primary and secondary education is one of the Sustainable Development Goals. Yet in 2020, about 64 million children were out of primary school, including 34 million girls. Over 195 million children globally were out of secondary school. Sub-Saharan Africa has the highest rates of education exclusion of the six developing world regions. Over one-fifth of primary-age children are out of school, and almost 60 percent of youth between the ages of 15 and 17 are not in school.
Technology’s impact on financial inclusion is not what you think
Since the first iteration of the Global Findex survey in 2011, the share of adults in developing economies with a financial account has risen to 71%—an increase of more than 50 percentage points. While that growth is worth celebrating, the total numbers hide significant differences in how and why adults today in developing economies are accessing and using financial services.
Does digitizing government payments increase financial access and usage?
The COVID-19 pandemic triggered the largest global economic crisis in more than a century. Many of the households that faced sudden income losses and health expenses were ill-prepared to withstand shocks of that scale and duration. Women, in particular, were affected because they were likelier to be employed in sectors with lockdowns and social distancing measures, and were often needed to increase their family caregiving responsibilities.
Responsible finance and its role in improving financial resilience and well-being
This blog was originally published at the Center for Financial Inclusion - Accion, and it's available here. The recent results from the Global Findex 2021 show global gains in account ownership and in account usage in 2017—good news given the widespread financial impact of the pandemic. Today, 71 percent of adults in developing economies have a financial account. Yet the findings on financial well-being show that there is more work to do.
Financial inclusion has a big role to play in reaching the SDGs
Scan the United Nations’ 17 Sustainable Development Goals (SDGs). You’ll see inclusive growth, clean water and greater equality, among other objectives. But you won’t see this: Giving people access to savings accounts, loans, insurance and other financial services. Yet achieving the SDGs would be tougher without bringing people into the banking system, as my colleagues and I will argue in this blog series.
Private-debt risks are hiding in plain sight
Carmen M Reinhart is chief economist of the World Bank Group; Leora Klapper is lead economist of the finance and private sector research team of the Development Research Group at the World Bank When Russian tanks rolled into Ukraine, private-debt crises were probably already brewing — albeit hidden from view — in many parts of the world, as a result of the economic disruptions caused by the pandemic. Now, the war is pushing even more countries towards similar crises. The...
Private debt risks hide in plain sight
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Los riesgos de la deuda privada se esconden a simple vista
Cuando los tanques rusos entraron en Ucrania, probablemente ya se estuvieran gestando crisis de deuda privada –aunque no a la vista- en muchas partes del mundo, como resultado de las alteraciones económicas causadas por la pandemia del COVID-19. Ahora, la guerra está llevando a más países a crisis similares. La recuperación de una pandemia siempre ha sido irregular.
The next debt crisis is hiding in plain sight
WASHINGTON ( Project Syndicate)-When Russian tanks rolled into Ukraine, private-debt crises were probably already brewing-albeit hidden from view-in many parts of the world, as a result of the economic disruptions caused by the COVID-19 pandemic. Now, the war is pushing even more countries toward similar crises. The pandemic recovery has always been uneven.
Private-Debt Risks Are Hiding in Plain Sight
The debt moratoria introduced early in the pandemic provided temporary relief for private borrowers, and may have limited the fallout of the economic disruption. But recent data reveal that they also created a potentially disastrous non-performing loan problem. WASHINGTON, DC – When Russian tanks rolled into Ukraine, private-debt crises were probably already brewing – albeit hidden from view – in many parts of the world, as a result of the economic disruptions caused by the COVID-19 pandemic.
Learning-by-doing: Navigating financial technologies among Bangladeshi factory workers
How automatic payments can help individuals save more and better protect themselves against consumer risks Your browser does not support the audio element. Read “Learning to navigate a new financial technology: Evidence from payroll accounts” by Emily Breza, Martin Kanz, and Leora F. Klapper here. Financial technologies and mobile banking provide essential connections to the financial system for unbanked individuals.
COVID-19 shows the value of trust in digital financial services
The pandemic has proved that digital financial inclusion is crucial – and that it cannot depend on cash-out services. Weak financial infrastructure makes digital transactions difficult – and people often mistrust digital financial services. Governments and financial institutions can earn that trust by building a resilient and inclusive financial system. Last summer I met a woman in Mumbai as I was piloting the questionnaire for the World Bank's Global Findex database.
How can digital financial services help a world coping with COVID-19?
The global economy will likely contract by over 5 percent in 2020 due to the impact of COVID-19, according to the recently released Global Economic Prospects. The deepest global recession in eight decades is sending hundreds of millions into poverty, and recovery appears to be far off. Still, the crisis has encouraged incentives for economic transformation and adoption of digital business models, including increased use of digital financial services (DFS).
COVID-19 pandemic shows the need to strengthen digital safety nets for women
The COVID-19 pandemic threatens to wipe out hard-won gains in global development and gender equality. The World Bank reports that the world faces its first increase in extreme poverty since 1998, with between 71 million and 100 million people set to fall into destitution depending on the pandemic’s course, and the crisis affecting women more negatively than men. Governments are scrambling to contain the economic damage.
Financial literacy and financial resilience: Evidence from around the world
ORIGINAL ARTICLE Leora Klapper Corresponding Author E-mail address: lklapper@worldbank.org Development Research Group, The World Bank, Washington, DC Correspondence Leora Klapper, Development Research Group, The World Bank, 1818 H. St. NW, Washington, DC 20433.
Mobile phones are key to economic development. Are women missing out?
Fresh Gallup World Poll data shows that 83 percent of adults in developing economies have a mobile phone as of 2018. That’s astonishingly good news for development because mobile phones help connect people to the jobs, business opportunities, and services they need to escape poverty. Yet digital divides persist. Overall in developing economies, 86 percent of men and 79 percent of women have a mobile phone, leaving a gender gap of 7 percentage points.
Factories paying workers digitally are five times more likely to provide good social and labor practices
New data gathered from the Higg Index from 3,000 factories in 58 countries Like millions of women working in garment factories in Asia, Lucky worried about receiving her monthly salary in cash.“I was concerned about walking out of the factory with that much money in my bag,” she said. “I also share my house with other people, so I didn’t know where to keep my money safe.” Recently, Lucky started receiving her salary on her mobile phone through BSR HERfinance Digital Wage program in Bangladesh.
How this one change can help people fight poverty
Nearly 800 million people globally live in extreme poverty, estimates the World Bank. Africa is home to more extremely poor people than all other regions combined. Most of the poor have low educational attainment and work in agriculture. The United Nations Sustainable Development Goals provide a snapshot of current thinking on poverty reduction. One of the goals focuses on improving schools, for example. Others call for better jobs and lower corruption.
Five ways Nigeria can realise mobile technology's potential
Although it’s Africa’s largest economy, Nigeria is missing out on the region’s most exciting financial innovation: mobile money. Twenty-one percent of adults in sub-Saharan Africa have a mobile money account, nearly double the share from 2014, according to the latest Global Findex report. By contrast, Nigeria lags behind: just 6 percent of adults have a mobile money account, a number virtually unchanged from 2014. In the last three years mobile money has spread from east to west Africa.
Global Findex: The main facts and figures you should know about financial inclusion around the world
Global Findex: The main facts and figures you should know about financial inclusion around the world , The Global Findex is a massive database that tracks account ownership and use, savings, and payments around the world. Here are some of the key results from the newly released wave of 2014 data. What is the big picture? Where is progress being made? The global push toward financial inclusion is gaining strength.
This is how a universal basic income can end financial exclusion
The main argument for a universal basic income (UBI) is that it would reduce poverty and income inequality. Yet UBI advocates often overlook a range of other potential benefits. Digital UBI payments can bring people into the financial system and build their financial capability, unlocking a range of development benefits for citizens and governments alike. Take Mongolia for example. In 2014, 92 percent of adults had a bank account—by far the highest share in the developing world.
Can universal basic income boost financial inclusion and transparency? | Brookings Institution
The main argument for a universal basic income (UBI) is that it would reduce poverty and income inequality. Yet UBI advocates often overlook a range of other potential benefits. Digital UBI payments can bring people into the financial system and build their financial capability, unlocking a range of development benefits for citizens and governments alike. Take Mongolia for example. In 2014, 92 percent of adults had a bank account—by far the highest share in the developing world.
Can Islamic finance boost financial inclusion? | Brookings Institution
Evidence suggests Islamic financial services can encourage Muslims to take advantage of banks and other formal financial institutions for services such as loans. In a Muslim majority country like Jordan, offering a Sharia-compliant loan boosted application rates from 18 to 22 percent, according to a recent study by Dean Karlan, professor of economics at Yale University.
How mobile phones are changing women's lives
Mobile phones are great for catching up with friends and family or texting selfies. But for many people around the globe, especially women in developing nations, owning a mobile phone can mean far more: -Better family health and education -Access to the Internet, government services, and information Mobile phone ownership gives women the ability to open a mobile phone-based bank account, an important gateway to financial independence.
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