Huge Opportunity in Financial Inclusion
Quote from Ndubuisi Ekekwe on March 5, 2019, 5:02 PMThere is a huge opportunity to provide education, opportunities, and allow the unbanked, underbanked, and overbanked to participate in the financial ecosystem.
In Nigeria, Mastercard reports that only 2% of consumer transactions are still digital. And according to the World Bank's Global Financial Inclusion database based on information from more than 140 countries, we have the following:
- Two billion people worldwide are completely unbanked.
- 20% of unbanked adults receive wages or government transfers in cash.
- Women make up just over half (55%) of unbanked people worldwide.
- The proportion of people with bank accounts worldwide grew from 51% to 62% between 2011 and 2014.
Simply, there is a huge opportunity for financial inclusion waiting to be unlocked.
There is a huge opportunity to provide education, opportunities, and allow the unbanked, underbanked, and overbanked to participate in the financial ecosystem.
In Nigeria, Mastercard reports that only 2% of consumer transactions are still digital. And according to the World Bank's Global Financial Inclusion database based on information from more than 140 countries, we have the following:
- Two billion people worldwide are completely unbanked.
- 20% of unbanked adults receive wages or government transfers in cash.
- Women make up just over half (55%) of unbanked people worldwide.
- The proportion of people with bank accounts worldwide grew from 51% to 62% between 2011 and 2014.
Simply, there is a huge opportunity for financial inclusion waiting to be unlocked.
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