Business

10 countries with highest number of individuals without a bank account

Published

Tuesday, 29 April 2025, 9:44 pm

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10 countries with the highest number of individuals without a bank account, The World Bank puts the number of unbanked persons at over 1.6 billion adults; these individuals have no protection cover for their money from theft or losses and have never been introduced to any financial products like insurance, loans or mortgages.

The booming population of unbanked individuals further exacerbates the poverty headcount ratio in some regions thus leading to stunted economic growth.

According to the World Bank report, “Poor people also account for a disproportionate share of the unbanked. Globally, half of unbanked adults come from the poorest 40% of households within their economy, the other half from the richest 60%”.

This table sourced from Global Finance ranks the top 10 countries with the largest number of residents who do not have access to bank services or any similar financial product.

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Rank	Country	Population (Millions)	% Unbanked
1	Morocco	36.9	71
2	Vietnam	97.3	69
3	Egypt	102.3	67
4	Philippines	109.6	66
5	Mexico	128.9	63
6	Nigeria	206.1	60
7	Peru	33	57
8	Colombia	50.9	54
9	Indonesia	273.5	51
10	Argentina	45.2	51

On a global level, the regions that have the largest base of financial excluded individuals are in developing or emerging economies, and include the Middle East and Africa (50%) South and Central America follow at 38%, Eastern Europe and the former Soviet republics at 33%, Asia Pacific’s share stands at 24%.

According to consulting firm EY Global, there is a possibility of boosting GDP by up to 14% by adopting broader access banking, savings and lending products in large emerging countries such as India and up to 30% in frontier economies such as Kenya and other African countries.

The growth of financial inclusion In Sub-Saharan Africa, has been linked to the high adoption of fintech solutions like payment gateways, lending platforms, and investment apps which will further bridged the gaps by penetrating the unbanked regions.

The adoption of fintech solutions in unbanked areas will also encourage entrepreneurship and businesses in the rural areas which in turn, will also enable some unbanked individuals to access digital banking services without having to physically visit a banking structure.

A 2023 Access to Finance (A2F) survey conducted by Enhancing Financial Innovation & Access (EFInA) reports a rise in data of financially included Nigerians from 56% in 2020 to 64% in 2023, thus indicating a significant progress as the country targets to reduce levels of financial exclusion to 25% by 2024.

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Business

Adamawa govt approves recruitment of 4,000 into civil service

Published

33 minutes ago

April 29, 2025

John

In an effort to tackle unemployment and boost economic growth, the Adamawa State Governor, Ahmadu Umaru Fintiri, has approved the

read more Adamawa govt approves recruitment of 4,000 into civil service

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Business

U20 AFCON: Flying Eagles begin quest for 8th title against Tunisia

Published

4 hours ago

April 29, 2025

John

Nigeria’s Flying Eagles will kick off their campaign for an eighth U20 Africa Cup of Nations (AFCON) title on Thursday

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Business

“Our Disability is only in our body, not our minds” says participant at the Jobberman Forum for Persons with Disabilities, Kano

Published

7 hours ago

April 29, 2025

John

Participants at the recently concluded Jobberman Forum for Person with Disabilities in Kano have expressed appreciation to the organisers for their inclusive approach to empowerment and career advancement.

According to Binta Abdulahi Usman,

Our disability is only in our body, not in our minds. From this program, I have learnt that we can do anything we put our minds to if we have the right tools and opportunity.

The Jobberman Forum for Persons with Disabilities, organised in partnership with the Mastercard Foundation, offered a unique opportunity for participants to learn from experienced professionals, engage in meaningful networking, and receive personalised career and business advisory.

Delivering the keynote address during the event, Dr Binta Bala (PhD), Director, Department of Persons with Disabilities, Ministry of Women Affairs, Children and Disabled, Kano State highlighted the importance of collaboration between government, civil society and the private sector.

Accessibility design must no longer be optional; it must be mandatory. By investing in accessible vocational and skills training, we can empower persons with disabilities with tools to thrive in a rapidly changing world, she said.

Registration of participants at Jobberman Forum for PWD

The event featured a goodwill message from Hajia Sadiya Abdu Bichi, Special Adviser to the Kano State Governor for Women, Children and the Disabled; a panel session with panelists including Engr Musa Shaga, Chairman JONAPWD, Kano State; Hajiya Mariya Ishaq, Leader, Albino Foundation; and Hussaina Umar, Deputy Director, Kanawa Educational Foundation for the Disabled.

The Entrepreneurship Workshop, led by David Okoroafor, Program Officer at Sightsavers focused on teaching essential steps to starting and growing their businesses. He encouraged participants “…not to give up. Try to register your business with the Corporate Affairs Commission. Starting a business is difficult, but it is fun,” he said.

The Forum for Persons with Disabilities, Kano Edition is in line with Jobberman Nigeria’s mission to reduce unemployment in Nigeria, not just by connecting job seekers to quality jobs, but by ensuring that every individual is equipped with the skills and confidence they need to thrive. The event offered a unique opportunity for participants to learn from experienced professionals, engage in meaningful networking, and receive personalised career and business advisory.

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