Unbanked and Underbanked global stats

~ 20% or 1.4 billion adults are unbanked globally.

- 70% of adults in South East Asia are unbanked or underbanked.

- more than half the world's unbanked are from 7 countries : Bangladesh, China, Egypt, India, Indonesia, Nigeria, Pakistan.

- Majority unbanked adults are women.

- more than 100 million adults in Sub-Saharan Africa have no ID, but more than half of unbanked adults have mobile.

- in Middle East and North Africa, 70% of unbanked adults are unemployed

- globally, 64% of unbanked adult have up to primary education

- 62% of unbanked adults in Sub Saharan Africa, are from the rural areas

- In Bulgaria and Ukraine, 1/3 of unbanked adults are 65 and older

- lack of money is the biggest reason for unbanked adults. others include banking requirements, expensive financial service, too far

- 60% of unbanked adults said expensive financial service are a barrier - Latin America and the Caribbean, Brazil, Colombia, Honduras, Nicaragua, Panama, Paraguay, and Peru

- 31% of unbanked adults said distance is a problem, and notable in Bolivia, India, Laos, Uganda

- 30% unbanked adults said they don't need it because their family member had it - prominent gender gap where women have lesser financial independence - visible in Turkey, Algeria, Bolivia, Nepal, Pakistan, Tunisia, China, India,

- 23% remained unbanked adults because they do not trust the system. 1/3 stated this from Europe, Central Asia, Latin America, Caribbean, and similarly 54% from Ukraine stated this as well

- 10% of unbanked adults stated religion as a reason and preferred Shariah compliant (Middle East, North Africa, Iraq, Morocco)

Source of Reference : Global Findex 2021