The above highlights the percentage of the population without access to the services of banks or similar organizations worldwide in 2021, by country. Rather scary and highlights just how broken the financial system really is. I never knew these figures would be this high, sure there would be some countries higher than others, but 10 countries with more than half the population.
The other night whilst researching for another post I came across some stats that kind of left me speechless. These were the "unbanked" or people around the world who do not have bank accounts. The numbers are alarming and you start to wonder how they survive each month as unfortunately having some type of account for now is imperative. These figures are from 2021 and represent the percentage of the population who has no bank account.
I think you start to realise what kind of life is being lived by many as the main cause is they don't earn enough to justify an account and literally cannot afford to have one.
Certain countries do shock me on the list with the size of the percentages with Morocco having only 29% who have bank accounts. Countries like Nigeria and South Africa I am starting to understand more and why crypto currencies have an important role to play. Just the ability to have a wallet attached to a phone app is going to be life changing.
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Obviously the system is far more broken than we all can imagine as a huge percentage of the world is lacking basic services that we all take for granted. Many have mobile/cell phones however and the numbers tell a completely different story. These figures are from 2018 and the numbers would have improved as it seems everyone has some type of phone today. Electricity is still a major issue for recharging in certain parts of the world plus reception can also be very poor, but on the whole that is slowly changing.
This is where we can see the crypto pay apps like ADAPAY come into their own as these are services many have not had the chance to have before. Crypto is not all about mooning and Lambos, but offering genuine services to those that don't have anything else. This is more life changing with real world use cases and that is way more important.
What is going to be interesting to watch is how using the technology of one industry being cellphones will drive crypto to mass adoption.