The Unbanked Facts & Figures

Globally, about 1.7 billion adults remain unbanked—without an account at a financial institution or through a mobile money provider.

Who the unbanked are

The term "unbanked" refers to a diverse group of people who do not use banks or credit unions for their financial transactions. There are 1.7 billion unbanked people. Nearly half of all unbanked adults live in just seven economies, China, India, Indonesia, Pakistan, Nigeria, Bangladesh and Mexico.
The most common groups of unbanked individuals include low-income households, those with little education, female-headed households, young adults, and immigrants.
World Bank Unbanked Report can be found here

Why people remain unbanked

There are a variety of reasons why consumers are unbanked. Poor credit history or unresolved issues from a previous banking relationship, limited or uncertain income, language barriers, lack of identification needed to open a bank account, or living paycheck to paycheck are all contributing factors.
In the 2017 Global Findex survey, unbanked adults were asked why they did not have one.

Not Enough Funds

Lack of sufficient financial resources was most often cited as a barrier. Nearly two-thirds of unbanked adults say they do not have enough money to use an account, and about one in five say this is the only reason they do not have an account.

Bank Account Costs

Cost is another major barrier cited by 26 percent of adults without an account at a financial institution. Accounts are too expensive was twice as high in Latin America and the Caribbean. In Brazil, Colombia, and Peru, nearly 60 percent cited cost as a barrier. The fact that a high proportion of adults are unbanked is due to the initial cost of setting up an account and the subsequent monthly cost of maintaining a bank account.


Distance is a barrier for many, with 22 percent of adults without accounts saying financial institutions are too far away. The proportion was higher in some economies: in Brazil, Indonesia, and Kenya, about 33 percent cited distance as a barrier; in the Philippines, 41 percent; and in Myanmar, Laos, and Cambodia, 70 percent or more.

Lack of Documentation

Documentation requirements also make account ownership difficult. Twenty percent of adults without an account at a financial institution reported that they lacked the documentation required to open an account. Large banks still use multiple forms, paper files, manual compliance checks, and in-person identity verifications - a process that has long been considered archaic, time-consuming, and creates a poor user experience.

Mobile phones & internet connections

In the Philippines, only 34.5% of the population has a bank account, but there are 1.59 mobile phones for every person and 67% of the population are active users of social media, showing a clear mismatch between the generation of data and its use. Vietnam shows a similar picture: Only 30.8% of the population has a bank account, but there is almost one mobile phone per person and again 67% of the population are active users of social media.
Mobile Connection Per Person by Country can be found here

Migrant mobile connection and bank account

From the data CLMV countries in destination country. Nearly 30% of the population does not have bank accounts. That's why migrant send money back home still use underground money transfer services because they can not cash out or withdraw money through bank account. The data show a similar picture in CLMV countries there are 1.20 mobile phones for every person but in Lao PDR the number is not bad 79% of population still have mobile phone


Globally, 1.7 billion adults are unbanked, although approximately 4.66 billion people use the Internet, nearly 60% of the world's total population. Bank account costs, distance, lack of records, and religion are also major factors contributing to why people are unbanked.
Through this data, Asdra has the opportunity to help those who are unbanked with solutions that are more advanced than the traditional banking system. Asdra was developed with the current bureaucracy, onboarding process, account costs, and the elimination of the problem of distance in mind.
We have the opportunity to help those who are currently unbanked, but also those who already have a bank account but dream of a change, an improvement for a better future by enjoying a better user experience, access to instant transfers 7/24/365, best rate transfers, and access to decentralized services currently unknown by many financial systems.