In most developed countries, people take their bank accounts for granted. Their money is kept safe, there is always an ATM nearby and digital payments make life so much easier. However, for an estimated 1.7 billion adults worldwide, financial inclusion is still out of reach. That is the number of people without a bank account in 2017, like the World Bank informs.
As surprising as this staggering figure is, things are improving: 1.2 billion people have gained access to a bank account since 2011 - over 500 million in the last three years alone. Banking has obvious benefits, such as not having to hide your money at home. It also connects people to the global financial system and allows them to grow their wealth.
When you consider how many people are still unbanked, where do they all actually live? World Bank data shows that the situation is worst in developing countries, especially in Africa and Asia. Although China's economy has made huge progress, there are still 224 million inhabitants there without bank account. In India, the figure is 191 million and in neighbouring Pakistan just under 100 million. These countries will endeavour to give more and more people access to banking transactions in the near future.
In addition to the benefits mentioned above, banking is also crucial for the economy, as it stimulates investment and makes it easier for the account holder to open or expand a business.
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