According to the World Bank there are 1.7 billion unbanked adults in the world. In the United States, this number is just over 14 million, representing more than 6% of all households in the country. Analysts have suggested that, in Europe, while there are some well-banked countries (Germany, the Baltics in particular), there are others, especially in Central and Eastern Europe, where large numbers of citizens lack access to basic banking services. In Romania, for example, more than 50% of the country’s adults are unbanked.
David Penn, Finovate Analyst, takes a look at what financial inclusion really means then.