World Bank report, The Little Data Book on Financial Inclusion 2018 offers endless insight into the spectrum of cash dependency across the globe.
The document is a pocket edition of the Global Findex database, presenting its third round of data collection since the Global Findex database was launched in 2011. Indicators are organized by country, region and income group, and delve into the use of formal and informal financial services.
'The database provides nationally representative, demand-side data on access to and use of accounts, credit, payments, and savings by adults age 15 and above in 144 economies. In addition, new indicators measure how people make or receive digital payments.'
According to the report, a substantial 31.5% of the people over age 15 live without bank accounts globally, that's over 1.7 billion people relying entirely on cash to get by.
- 35% of people in Europe and Central Asia do not have bank accounts
- 66.5% of people in the Middle East and North Africa do not have bank accounts
- 44.6% of people in the Latin America & Caribbean do not have bank accounts
The Global Findex database is housed in the World Bank’s Development Research Group and funded by the Bill & Melinda Gates Foundation. It is the first public global database of demand-side indicators to track the financial lives of individuals over time. Covering a range of topics, the data can be used to create a more complete picture of how people save, borrow, manage risk, and send and receive money.
On Tuesday, October 16th 2018, Capgemini and BNP Paribas published the 2018 World Payments Report and found that non-cash transactions are on the rise. Since we know from recent reports that cash use and cash demand is also increasing, readers should not be too hasty in concluding that cash will disappear as non-cash transactions grow. There is still no electronic or digital payment method that can replace resilient cash.
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