In reviewing the statistics on the un-banked from chapter 2 of the 2017 Findex Report from the World Bank – I am amazed by the opportunity that presents itself in India.
A simple break down illustrates the opportunity:
- Only 40% of India’s 1.2 billion people have bank accounts
- Only 36,000 of India’s 600,000 villages have a bank branch
- The national ID program has issued 125 billion ID cards as of 2019
This is a huge market of non-consumption as it relates to commerce especially online commerce.
Vikram Akula highlighted this opportunity in greater detail in his book “A Fistful of Rice” where he talks about microfinance and the opportunity to bring India’s rural communities online and into the global commerce economy.
These efforts in India, China, Indonesia, Mexico and South Africa are a step in the building economic cycle that will take millions of the world’s populace that currently are non-consumers and eventually introduce them to the global cross border commerce.