The World’s Most Unbanked Countries: A Closer Look

Photo by Fabian Blank on Unsplash

Explore the world’s most unbanked countries and the challenges they face in achieving financial inclusion. Learn about the reasons behind high rates of unbanked populations and the efforts being made to promote financial access.

List of Most Unbanked Countries

Financial inclusion is a critical factor in promoting economic growth and reducing poverty. However, not everyone around the world has access to banking services. In fact, there are several countries where a significant portion of the adult population remains unbanked.

According to the latest data, the following countries have the highest percentages of unbanked adults:

  • Morocco: 71%
  • Vietnam: 69%
  • Egypt: 67%
  • Philippines: 66%
  • Mexico: 63%
  • Nigeria: 60%
  • Peru: 57%
  • Colombia: 54%
  • Indonesia: 51%
  • Argentina: 51%
  • Kenya: 44%
  • Romania: 42%
  • Kazakhstan: 41%
  • Ukraine: 37%
  • Uruguay: 36%
  • South Africa: 31%
  • Turkey: 31%
  • Brazil: 30%
  • Bulgaria: 28%
  • Chile: 26%
  • Russia: 24%
  • India: 20%
  • Greece: 15%
  • Poland: 13%
  • USA: 7%
  • Spain: 6%
  • France: 6%
  • Italy: 6%
  • South Korea: 5%
  • UK: 4%
  • Austria: 2%
  • Japan: 2%
  • Germany: 1%
  • Australia: 0%
  • Canada: 0%
  • Denmark: 0%
  • Norway: 0%

These statistics highlight the significant challenges that many countries face in achieving financial inclusion. Let’s take a closer look at some of the reasons behind the high rates of unbanked populations in these countries.

1. Lack of Infrastructure

One of the main reasons for a high percentage of unbanked adults is the lack of banking infrastructure in certain regions. In many remote areas, there may be a scarcity of physical bank branches, making it difficult for people to access banking services.

2. Limited Financial Literacy

See also  Millionaires by Country 2023: A Look at the Wealthiest Nations
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Abu Sayed

Abu Sayed

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