Morocco has one of the world's highest unbanked populations at over 70%

Despite rapid advances in fintech and mobile money platforms, financial access remains out of reach for hundreds of millions, especially in developing nations.

A recent analysis published by Global Finance reveals alarming statistics about global financial exclusion and highlights the countries where the highest percentages of adults remain unbanked.

According to the report, Morocco tops the global list, with 71% of its adult population unbanked, followed closely by Vietnam (69%), Egypt (67%), and the Philippines (66%).

Other nations in the top 10 include Mexico (63%), Nigeria (60%), Peru (57%), Colombia (54%), Indonesia (51%), and Argentina (51%).

The data paints a broader global challenge: more than 1.6 billion adults worldwide remain without access to basic banking services such as savings accounts, loans, and insurance—according to figures from the World Bank.

In North Africa, for example, gender gaps in account ownership remain wide. In South and Southeast Asia, mobile phone adoption is high, yet mobile banking services often go underutilised due to a lack of awareness or digital barriers.

The road to financial inclusion

Financial experts emphasise the importance of expanding digital banking services, improving financial education, and designing inclusive banking systems that serve low-income and marginalised populations.

"It fosters economic growth and employment, promotes economic empowerment of women, and contributes to eliminating poverty. Financial inclusion supports entrepreneurship and business growth," according to a report by the World Bank Group.

As the global economy becomes increasingly digital, bridging this gap will be critical—not just for growth but for equity.