Proof Point
Global consumer financial account penetration grew from 51% in 2011 to 62% in 2014, though almost half the population of developing countries remain unbanked
Consumer Financial Account Penetration by Region
2011 and 2014 (percentage of population)
Proof Point Findings
- Consumer Financial Account Penetration – Segment of population aged 15 and above who reported to have account in financial institutions (e.g. banks, credit unions, cooperatives, microfinance firms) or through mobile phone money services
- Increased Penetration – Grew 11% from 51% in 2011 to 62% in 2014, with increase driven primarily by significant growth in developing countries
- Unbanked Population in Developing Economies – Remains pressing global issue, with only 54% of population having financial accounts in 2014, compared to high-income countries with 94%
- Underbanked Middle East and Sub-Saharan Africa – Developing countries in Middle East and Sub-Saharan Africa continue to be underbanked, with both regions reporting financial account penetration below 30% of population in 2014
- Increasing Financial Inclusion – Heightened efforts from regulators to promote more inclusive financial services as well as proliferation of technology-enabled financial platforms (e.g. mobile phone money services and digitized payment technologies) expected to expand consumer financial account penetration, potentially leading to reduced income inequality and accelerated economic growth
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Market Disruption |
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Source |
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Date Last Updated |
April 16, 2017
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