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The access to services of banks or similar organizations differs widely worldwide depending on the country. While the whole population in all the Nordic countries, the Netherlands, Australia, and Canada had access to banks (meaning an “unbanked” population of **** percent), countries like Morocco and Vietnam had a higher unbanked population. Morocco was the country with the lowest share of bank account owners: less than percent as of 2023. Vietnam, Egypt, and the Philippines were other countries with very high share of unbanked populations.

Why are people unbanked?

Countries with high shares of unbanked, such as Morocco and the abovementioned, are typically less stable economies with a less developed financial system. It is generally also countries where the citizens have little trust in the banking system. Although these countries have the highest shares of unbanked, the lack of access to services of banks or similar organizations is also present in more developed and financially stable countries as well. In the United States for example, percent of the population is unbanked. The most common reason for this, according to U.S. financial households in 2019, was that they had too little money. Financial services often cost money and comes with fees, and without sufficient finances, customers might find it too expensive to open a bank account.

Did the situation change after COVID-19?

It can be seen, at least in Latin American countries, that the share of unbanked population dropped because of the COVID-19 pandemic, as various social benefit programs were introduced to alleviate the economic impact of the pandemic. The change in unbanked population was especially apparent in Brazil, where the share declined by ** percent in 2020.