Top Countries Where Most People Don’t Have a Bank Account

Today, having a bank account is often seen as a basic necessity. It’s not just about saving money; it’s about accessing financial services, credit, and even insurance.

Yet, in many countries, millions of people still don’t have a bank account. This lack of financial inclusion affects their ability to grow economically, create wealth, or even safeguard their money.

Most of the unbanked people in the world come from poor or developing countries, where financial systems are either inaccessible or not trusted by the local population. The reasons range from lack of necessary documents to low financial literacy or limited access to banking services in remote areas. 

According to the World Bank, over 1.6 billion adults globally remain unbanked, and this issue is especially prevalent in certain countries. Here are the countries where most people don’t have a bank account and explore the factors behind this.

Morocco

Morocco tops the list, with 71% of its population unbanked. Many people in the country’s rural areas struggle to access financial services due to limited infrastructure and a lack of banking knowledge. 

Vietnam

Vietnam follows closely, with 69% of its citizens unbanked. A combination of trust issues with the banking system and low financial literacy prevents many from opening accounts, especially in the rural regions of the country.

Egypt

In Egypt, 67% of the population remains unbanked. Cultural factors, along with an underdeveloped financial infrastructure in some parts of the country, have contributed to this high percentage of people without access to basic banking services.

Philippines

The Philippines sees 66% of its population without bank accounts. Many Filipinos, particularly in remote islands, face challenges accessing financial services due to poor infrastructure and high transaction costs for opening accounts.

Mexico

Despite being one of the largest economies in Latin America, 63% of Mexico’s population is unbanked. Low trust in financial institutions and high fees associated with banking services have discouraged many Mexicans from participating in the formal banking system.

Nigeria

In Nigeria, Africa’s largest economy, 60% of its population is unbanked. With a large informal economy and low trust in financial institutions, many Nigerians choose to operate outside the formal banking system.

Peru

Peru has 57% of its population unbanked. In rural areas, there’s a noticeable lack of access to financial institutions, making it difficult for individuals to open and maintain bank accounts.

Colombia

In Colombia, 54% of the population remains unbanked. Economic inequality and a lack of financial education contribute to the large number of people who don’t have bank accounts.

Indonesia

Indonesia, with its vast archipelago of islands, has 51% of its population unbanked. Geography plays a significant role, as many people living on remote islands don’t have easy access to banks or financial services.

Argentina

Finally, in Argentina, 49% of the population is unbanked. Economic instability and a history of financial crises have caused distrust in the banking system, leading many Argentinians to avoid opening accounts.