Opening a bank account for the first time has become one of the traditional rites of passage for the average British child.

Most are wielding a cash card at 16, much to the trepidation of their parents, while others might have an account in their name from birth. Just 1.5m Britons have no bank account.

In the developing world, it’s a very different story. While UK bank customers fume over the endless roll of scandals, some 2.5bn people in emerging markets – more than a third of the global population – have no access at all to the financial system.

Bringing them into the fold, by promoting ‘financial inclusion’, has multiple benefits. Newcomers to the banking system gain a safe place to store whatever they can save, as well as the opportunity to gain access to services such as small business loans and insurance. This can be a huge catalyst for growth in regions where personal assets are traditionally at risk of theft or confiscation by unscrupulous governments.

This article originally appeared in the Daily Mail. To access the full version, please click here.