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NEW YORK >> Roughly 7 out of every 10 adults worldwide now have some form of bank account, the World Bank said Thursday, largely due to the proliferation of cellphone-based bank accounts and other simple bank account programs in places like India and Sub-Saharan Africa.
The finding is a sign of the improved financial well-being of those living in developing countries, who increasingly have a safe place to store their savings and are able to participate in the growing digitalization of the global economy.
An estimated 69 percent of adults had some sort of bank account in 2017, up from an estimated 51 percent in 2011 and up from 62 percent in 2014. That translates into an additional 515 million adults now having a bank account compared with three years ago.
The figures were released as part of the World Bank’s Global Findex Report, a study on financial inclusion released every three years that involves interviews or surveys of 150,000 people covering 144 countries representing 98 percent of the world’s population.
30-year mortgage rate rises to 4.47 percent
WASHINGTON >> Long-term U.S. mortgage rates climbed this week, slightly worsening affordability for homebuyers.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages rose to 4.47 percent from 4.42 percent last week. This benchmark rate averaged 3.97 percent a year ago.
With the start of the traditional spring home-buying season, people shopping for homes are dealing with higher loan costs and fewer properties for sale.
The average rate on 15-year, fixed-rate loans rose this week to 3.94 percent from 3.87 percent.
ON THE MOVE
CommPac, a Honolulu-based communications and marketing company, has announced that Priscilla Luong has joined the company as an account supervisor. She was an anchor and reporter for KITV for the past two years. Luong also worked at CBS-58 in Milwaukee, FOX-25 in Oklahoma City and KTAB-TV in Abilene, Texas.
Moana Surfrider, a Westin Resort & Spa, has announced that Michael Czarcinski has been appointed general manager. He previously was a general manager of the Westin Bonaventure in Los Angeles. Czarcinski also has held leadership positions at The Claremont Resort in California and Pinehurst Resort in North Carolina.
Veronica D. Wong has joined Bank of Hawaii as a vice president and senior portfolio manager in the Investment Management Services department and is responsible for managing investment assets of the bank’s private clients and trusts. Wong previously was a director and associate general counsel for Moon Capital in New York and Singapore.
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