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Over 3/4ths of adults remain unbanked or underbanked
According to the World Bank’s Financial Inclusion Project, 27% of the world’s adults remain unbanked; while a further 50% remain underbanked, defined as an adult without a credit card. 44% of the world’s adults are still using cash to make at least one of their utility payments each month, and the largest group of unbanked adults reside in Asia Pacific - due sheerly to large population sizes in rural Asia, despite the largest portion of unbanked people reside in Africa. While there are 493 million unbanked adults in the Middle East and Africa, there are nearly twice that many - or 820 million unbanked adults in APAC. APAC also houses the most underbanked adults with 1.8 billion people living and operating without a credit card.
Related Report
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The Future of Fintech in Africa
Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.
