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Posts Tagged ‘unbanked

Who are the unbanked? The World Bank deals out the numbers

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Why are people unbanked? The Global Findex shows 3/4 of the world’s poor do not have a bank account, not only because of poverty, but also due to costs, travel distance and paper work involved. Graphic: The World Bank / Global Findex project

The World Bank’s Global Findex (global financial inclusion index) project has said that worldwide, approximately 2.5 billion people do not have a formal account at a financial institution.

“Access to affordable financial services is linked to overcoming poverty, reducing income disparities, and increasing economic growth,” explained the World Bank in its usual ponderous manner – and with its flair for linking the unlinked.

Alarmed by the number of people who apparently have neither credit nor any wish to, the World Bank has created the Global Findex, described in glowing terms as “a new global financial inclusion database to measure the use of financial services and identify those with the greatest barriers to access”.

The graphics are useful, so here are the rest:

Who are the unbanked? The Global Findex shows gaps in financial inclusion across demographics, with women, the poor, youth, and rural residents at the greatest disadvantage. Graphic: The World Bank / Global Findex project

Regional differences in banking. In sub-Saharan Africa 16% Have used a mobile phone to pay bills, send or receive money in the past 12 months. Graphic: The World Bank / Global Findex project

Going mobile. The Global Findex shows mobile banking may help historically unbanked regions gain financial access. Graphic: The World Bank / Global Findex project

More information on the Global Findex project and data is available here.

Written by makanaka

May 10, 2012 at 07:44