To determine the global market for the unbanked/underbanked population in the U.S. and globally.
Across the Globe
Globally, a total of 1.7 billion people do not operate a banking account, according to a recent study by the World Bank.
Across the globe, the North American region accounts for the least unbanked population, with only 6 percent of the population without a banking account.
The Arab region accounts for the highest proportion of unbanked adults in the world, with 63 percent of the population without a banking account. This is followed closely by Sub-Saharan Africa, where there are 95 million unbanked adults, representing 57 percent of the population.
In the United States, only 6 percent of adults do not operate a banking account, while another 18.7 percent of the population is believed to be underbanked.
The unbanked and underbanked population in the U.S. skew heavily towards Black Americans. Only 3 percent of White Americans do not own a banking account, with another 17 percent believed to be underbanked. For Black Americans, 17 percent of the population do not operate a banking account, with another 30 percent believed to underbanked.
According to a recent article by Citi Group, Americans who choose to avoid banking institutions do so primarily because they do not have enough money to meet the minimum balance requirements and associated fees.
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