Half the World is Unbanked
Financial Access Initiative Report, October 2009. Feature in McKinsey Quarterly, March 2010
Jonathan Morduch, Alberto Chaia, Aparna Dalal, Tony Goland, Maria Jose Gonzalez, and Robert Schiff
Limited information on the size and nature of the global population using financial services limits policy makers’ abilities to identify what’s working and what’s not, and it limits financial services providers’ abilities to identify where the opportunities lie and where they could learn from current successes.
A new report, “Half the world is unbanked,” provides an improved estimate of the size and nature of the global population that does and does not use formal (or semiformal) financial services.
This paper builds on a data set compiled from existing cross-country data sources on financial access and socioeconomic and demographic characteristics to generate an improved estimate of the size and nature of the global population that does and does not use formal (or semiformal) financial services.