Jordan most unequal country for financial inclusion worldwide
New analysis by Paysend, the global fintech business, reveals the ten countries with the highest gender divide for access to a bank or mobile money account.
Paysend analysed the latest data from the World Bank to compare the percentage of men with access to a bank or mobile money account compared to women.
It shows that Jordan has the greatest gender divide between men with an account compared to women at 29.7%.
Bangladesh and Turkey are almost as unequal with a 28.8% and 28.7% difference between men and women with an account respectively. Benin makes up the last of the 10 most unequal countries worldwide with a 20% difference.
Alberto Macciani, CMO of Paysend, said: “New technology is helping to bring us closer to greater financial inclusion for women, but many still struggle to access the financial services they need.
“Global money transfers are now bigger than foreign direct investment for developing economies. Expanding financial inclusion for women is vital so they can access this important source of funds. Research shows when women are in control of the finances they invest in the health, nutrition, and education of their family.”
The World Bank data shows that while the number of women with access to an account has increased steadily since 2011, they remain persistently behind men.
In low- and middle-income countries, just 37% of women had access to an account in 2011 compared to 46.6% of men.
In 2017, the latest data available, the gender divide remains at around 9%. Some 67.5% of men have access to an account compared to 58.6% of women globally.
The World Bank data also shows the huge discrepancies between regions in terms of people without access to an account.
For instance, 225m people in China aged 15 plus do not have an account. In India, 191m do not have access to an account. Some 4.3m people in Poland and 14.2m people in the Ukraine do not have an account.
Launched just two years ago, Paysend’s card-to-card money transfer service, Global Transfers already services over one million users across more than 70 countries around the world providing them with a reliable, fast and cost effective service.
The growth stems from the emergence of increasingly mobile segments of the work force and the continued growth of international students. These are people who live and work in one country while financially providing for, or relying on, others in another country.
Alberto Macciani continued: “Moving money changes lives. This is why it’s so important that we do all we can to increase financial inclusion for everyone worldwide. Paysend has made what was once a laborious, slow and expensive process to pay, hold and spend money across borders now simple, quick and low cost. The business will launch new services soon to make paying, holding and sending money globally even easier and cheaper.”
