I found this World Bank infographic which outlines that 2.5 billion people donâ€™t have a bank account.
Not surprisingly in countries that have poor infrastructure, low wages (77% of adults worldwide earn less than $2 a dayâ€¦..), distance to travel.
A key issue is bank fees. Banks need to find a way to lower the transaction costs of money management. If youâ€™re saving $1 a week itâ€™s not worth the effort of walking to the bank, and minimum bank fees make it a no brainer to keep your cash under the mattress. Once a bank has invested in their infrastructure, the cost of processing trends towards zero as people move to online payments. Iâ€™d suggest;
But basic banking should be close to free.
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.