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ISSN 19

2023, Vol. 1

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18963 

t with a ba
businesses 
ancial inclu
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ment goals,

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

al inclusion
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ccounting 
946-052X 
15, No. 1 

think.org/  

n can be 
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provider”. 

d financial i
ote 3). The 
d to a finan

e money acc
MF 2022). 

ally used h
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country’s fi
hannels. As

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

t with a ba
businesses 

(Note 1). H
pability, con
nt models 
termediarie

ector operat
ent potentia
est in this to
lopment go
ber States at
9 targets tha
luded in Ta

n “strengthe
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ducing pove
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the inclusio
countries, b
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ntly owned 
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institutions,
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ncial institu
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redit) in the

inancial sys
s explained

ccounting 
946-052X 
15, No. 1 

think.org/  

ank. The 
that use 

However, 
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on target, 
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MX

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n. Inst. Acco

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tance of ge
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gradually f
well as th

of technolo
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m cities. Thi
 

nancial inclu
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any Norther
e was 1% 
a from 2021

head (2021 a

IU and cent

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untries – as 
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spectively).

CO ECID MD
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60%

ount (%)

n Journal of F

            

red through
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Ms and com
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e usefulness

falling in d
he adoption
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places not w
is is true no

usion only t
m 5.8% in 
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in Turkme

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tral banks. 

the financia
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modest GDP
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n but GDP p
, Serbia (89
 

BA BRBGC
HU

IN

IL

KZ

P

RO RU
SA

ZATR UA

80%

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

h indicators
ATMs) per 
e greater a
mmercial b
proximity 
providing f

s of this mea

developed c
n of more 
ering techn

ake the rela
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vailable). 

 

% and USD)

al inclusion
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9% and USD

AUAT
BE

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CA

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CZ

DK

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FR
DE

GR

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IT
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CH

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GB

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100%

ccounting 
946-052X 
15, No. 1 

think.org/  

s on the 
100,000 
ccess to 
ranches, 
to these 

financial 
asure. 

countries 
efficient 

nology is 
ationship 
enough, 
merging 

n extent. 
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 Canada 

hich had 

) 

n. In the 
sider the 
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relative
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on by th
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African
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income 

g at the co
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ly, a high n
vel of finan
uals with h
ted to the d
ntative exam
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tion, in dev
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more than 8
he World Ba
ts from othe

n countries t
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level classi

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number of l
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degree of fin
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veloped cou
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milarly, sha
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ank offer in
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ountries). T

gher financi
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loans grante
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worthiness.
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in 2021, 
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ntries the lo
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ies, unconv
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 rapidly in 

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diaries. It is 
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to GDP gro
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ported – im
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. In fact, t
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large coun

visory and f
0% in 2017)
clusion amo
interesting 

termediaries
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to note tha

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distribution 
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ferent value
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ntries (e.g., t

mber that all 
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s and social
t for a sign
ity carried o
as China, r
ability issue
count in 202
nancial instit
at it is only 
n banks play
ney accounts
in low-incom

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

of countrie
r improvem

cipated the G
ned by the f
order to use
or strictly f

rily translat
d on busines
accounts is
ratio. Vietn

% of GDP, on
ccount. Con
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Slovenia 

adults held

es dependin
European c
the US), the
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nd economi

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gnificant po
out by non-
represents th
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21. Data ela
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ay a signific
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ccounting 
946-052X 
15, No. 1 

think.org/  

es might 
ment of it 
GDP per 
fact that 
e public 
financial 

te into a 
sses and 
s poorly 
nam is a 
nly 31% 
nversely, 
ounts are 
too, the 

d a bank 

g on the 
countries 
e ratio is 
must aim 
c needs, 

of close 
ortion of 
-banking 
he other 

heless, in 
aborated 
unts and 
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cant role 
ng to the 
es. 



 

 

Fi

Note.EM
SAS=S
Latin A
databas

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service 
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or othe
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their us
equival
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form or
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but wa
populat
lower (7

igure 2. Fin

MU=Euro 
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America & C
se 2021. 

ial inclusion
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people can h
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ieve financi
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ancial Instit

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other family
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resent but 

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unt holders 
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Note 10). T
y high for
inactive ac

0

20

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tution accou

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iddle East &
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households 
ds (relevant
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Psychologic
are not wid
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n, the produ
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reported no

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data are a

ates were als
or because

cal” reasons
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ucts/service
a long-term

who have an
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onths and th
holding an i
onomies in 
2021, while 

CA LAC MNA

Fin Inst. oth

Asian

            

counts by re

al Asia; E
frica; SSA*
uding high in

es are not s
or corporati
ut abstain fr
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xcluded. Th
ncial service

esses from a
than 60% 

available on
so unbanked

e they chose
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accounting 
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es offered m
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n account a
any deposit
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inactive acc

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the averag

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egion (%, ag

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=Sub-Sahar
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lack of con
for approx

must meet c
pening a ba
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ts or withd

ad what can
count varied
ia. In this 

ge across th

WLD

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

ge 15+, 202

Asia & 
ran Africa; 

urce: Global

us. Failure t
t have acce
se due to hi
ot access f
xclusion wh
ry exclusion

ccounts is a
without a f
ome count
cause they r
rticipate bec

nfidence in f
ximately 24

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ank accoun
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n be consid
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he world wa

ccounting 
946-052X 
15, No. 1 

think.org/  

21) 

Pacific; 
LAC*= 

l Findex 

to use a 
ess to it. 
igh costs 
financial 
hen lack 
n). 

a lack of 
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ries). A 
relied on 
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financial 
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eeds and 
nt is not 
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financia
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LIC=low in
upper midd
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ors promot

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y contribute
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al resources
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nments play
ng legal reg
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lly for busi
financial ac
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tional financ

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Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

age 15+, 202

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Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

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Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

hings, or to s
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think.org/  

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Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

: 

population i
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abases. In th

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mer at risk o
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15, No. 1 

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Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

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Finance & Ac
ISSN 19

2023, Vol. 1

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15, No. 1 

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ery modestl

World

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

ems, which
nclude mac
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946-052X 
15, No. 1 

think.org/  

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World

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ISSN 19

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   ajfa.macro

20p.p. in Se
who had an 
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ntries) 

male and the
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ccounting 
946-052X 
15, No. 1 

think.org/  

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World

Finance & Ac
ISSN 19

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   ajfa.macro

nemployed, 
young adul

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946-052X 
15, No. 1 

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UA MD

LA

Finance & Ac
ISSN 19

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   ajfa.macro

ess likely th

15-24) 

global leade
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946-052X 
15, No. 1 

think.org/  

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Finance & Ac
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   ajfa.macro

the gender 

ditional met
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946-052X 
15, No. 1 

think.org/  

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Finance & Ac
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   ajfa.macro

gions than i
nstitution ci
ountries (bo
ution (6% i
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th a predom

nt money, c
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946-052X 
15, No. 1 

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n others 
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expenses (N

World

Finance & Ac
ISSN 19

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   ajfa.macro

making or re
95% of adul

of adults (
dents who r
a payment 

ng online in 
nding or re
wages, gov
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e 15+) 

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ccounting 
946-052X 
15, No. 1 

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UMI

LAC

Finance & Ac
ISSN 19

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   ajfa.macro

% age 15+)

ransfers or 
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unt. Furtherm
ent wage p
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more remo

out half of a

21) 

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ccounting 
946-052X 
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) 

pension 
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5

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UA

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

percentage 
in 2021. 

nd in % of t

21. 

use it in s
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n both high
d (15.5% in
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ccounting 
946-052X 
15, No. 1 

think.org/  

of GDP 

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WLD

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

e 15+, 2021

ally in the S

countries, es

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highest perc
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ne, the use o
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946-052X 
15, No. 1 

think.org/  

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SEE area 

specially 

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ries, one 
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o saved sem

obile money
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mediaries (16

0

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40

60

80

100

UA

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

% age 15+, 2

rd are not a

d. In 2021 4
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red across th
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15, No. 1 

think.org/  

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UA

n. inst.

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

ally reported
omies and 

on, % age 1

adults save
% saved usin
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wer rate in t
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15, No. 1 

think.org/  

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s, % age 15

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RU UA

riends

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

d money in 
lts with new
s and 50%

on source o
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some mone
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15, No. 1 

think.org/  

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RU UA

RU UA

Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

some mone
financial ins
ountries, in 
s, the perce
ly in SEE 

% from a f

E countries)

y CESEE co
ovenia in t
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ccounting 
946-052X 
15, No. 1 

think.org/  

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stitution, 

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cited famil
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Finance & Ac
ISSN 19

2023, Vol. 1

   ajfa.macro

ly or friends
rast, in dev
m family or
heir main s

 

ge 15+, 202

EE countrie

ults), in line 
countries, t

and 40% of
ccounted fo
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946-052X 
15, No. 1 

think.org/  

s, which 
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Digital 
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Notes  

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adults a

Note 2. 
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encomp
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non-ban
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usion 

ost importa
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he impact o
here were n

rporates and

y countries,
w at the le

trated in a f

payments 
n ownershi
ting there is
es of transac
n account bu

as banking
ed in many c

stainable D
ould realisti
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ve use of fi
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nt developm

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l Findex), 
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Global Finde
aged 15 and

The expres
ry, Poland, 
, Romania a

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passes all t
ts — includ
l under pru
nk financia
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ant data ana
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of the econo
numerous m

d this soften

, for examp
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strengthene
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ISSN 19

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ISSN 19

2023, Vol. 1

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Finance & Ac
ISSN 19

2023, Vol. 1

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