Credit is hugely important to people around the globe. You need it to obtain housing and higher education. You need it to start a business. You need it in case of emergencies and other unexpected expenses.
But in emerging economies, credit may not be accessible to many people. According to the World Bank’s 2017 Global Findex, 31% of the world’s population doesn’t have an account with a financial institution or a mobile money provider.
“We still have 1.7 billion people on the planet who don’t even have a basic bank account,” said Amie Vaccaro, Director of Marketing at LenddoEFL. “Only 11% of people around the world borrowed from a formal financial institution in the last year.”