August 26

Nigeria, Indonesia, Five Others Home to Half of World’s Unbanked Population

By Oladeinde Olawoyin

Nigeria and six other economies of the world have been named as home to half of the world’s unbanked population.

According to the World Bank’s 2021 Global Findex report, the six other economies are China, India, Pakistan, Bangladesh, Indonesia and Egypt.

The report said that, globally, about 1.4 billion adults are still unbanked, meaning that they do not have an account at a financial institution or through a mobile money provider. The number has declined from 2.5 billion in 2011 and 1.7 billion in 2017, the report noted, adding that since account ownership is nearly universal in high-income economies, virtually all unbanked adults live in developing economies.

Fifty four per cent of the unbanked population—representing 740 million people—live in only seven economies around the world, the report said.

Photo courtesy of jbdodane.

Source: Premium Times (link opens in a new window)

financial inclusion