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The world’s unbanked population has been on the rise post-2017. Now, this isn’t an issue in countries until it started giving rise to the overall corruption cases. With a larger unbanked population, the black market gets enough time to grow and thrive. Many economies in the world are struggling with this rise and due to this, trade is suffering largely.

The biggest economies in the world that have a large amount of unbanked population (as of 2022 stats) include Nigeria. The others are Pakistan, India, Indonesia, China, and Egypt. These countries have a top rank in the survey that the World Bank Findex report carried out. In 2021, they also published many other details relating to the survey.

It also said that only the economies that gain a surplus like Finland or Netherlands have a more banked population. This also results in a lower crime rate. Other countries in Europe like the UK, USA or Whales also make a good sum from the banked population. However, still there are more than 1.4 billion adults all around the world that are living unbanked. Not having an account in any bank or other medium is actually illegal in most countries.

And if one compares the entire unbanked population more than 50% of them reside in the low-income south Asian and African economies. Now this means there is a nationwide policy change required to curb the high figures. After Nigeria, China and India, Pakistan is the one with a large amount of unbanked population.

Almost 115 million of the entire population earn a good sum for their household but the income isn’t traced. This is also one reason monetary crimes have accelerated to alarming levels in Pakistan. However, a key concern in counter to this is that fintech crimes are also increasing at a high rate.

Comparing With Past Indexes

The surprising fact here is, that the countries included in the index this year are the same as they were in 2017. In 2017 Egypt was also lagging behind in maintaining the income records of its citizens. However, this time Egypt isn’t included in the indexes, and thus, this year marks another successful year.

Overall the statistics can indicate an alarm for the countries listed, but the focus doesn’t yet seem to be
there. However, as soon as bigger nations like Indonesia and Chine bring focus on reducing the
unbanked population, the problem will solve.

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