The Unbanked
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This new edition of Tanmia Capital Economic Papers addressed the issues of "unbanked" i.e. those who have no access to financial services. It also provides recent data on financial inclusion.
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The Unbanked
- 1. The Unbanked! Tanmia Capital. Economic Papers II 0 20 40 60 80 100 Egypt Moldova Jordan Angola Ghana Lebanon India Kazakhstan Turkey Brazil Malaysia UAE Greece USA France UK Germany Sweden Financial Inclusion % in 2014β’ There is 2 billion adult outside the formal banking system, thus unbanked β’ Brining banking to people is the ultimate objective of monetary sector development and ethical finance initiatives β’ The Financial Inclusion Ratio measures that objectives by the percentage of adults who possess a bank account β’ The frequency of using bank accounts in a convenient knowledgeable manner with low charges is considered β’ Many factors reduce the Financial Inclusion Ratio, such as: β’ High income is required to open a bank account or obtain financing β’ Unavailability of alternative banking i.e. microfinance β’ Many family members depend on one bank account β’ Branches & ATMs are far from customers reach β’ People prefer to pay in cash and not by cards β’ Absence of inclusion-friendly regulations β’ Religious believes