39% of the World’s Population Does Not Have a Bank Account

As shocking as it may seem to the developed world, 39% of the world’s population, mostly comprised of the population in developing countries, does not have a bank account. Despite the increased adoption of non-cash forms of transactions (cards) with the volume having grown by more than 10% to reach ~426 billion in 2015, the circulation of cash has increased only slightly across multiple markets during the past five years. The latest World Payments Report suggests that in Europe and the US, cash-to-GDP ratio grew 4.4% and 3.9% respectively during 2013–14.

Source: Small Merchants, Big Opportunity; World Bank Financial Inclusion Database 2015

Account penetration, which Gallup defines as having an account at a formal financial institution or a mobile money accoun ...