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According to a 2012 World Bank study, only 26 per cent of women in India have an account with a formal financial institution.
Both licit and illicit transactions, regardless of size, are frequently done outside of formal financial institutions and are difficult to monitor.
Lack of access to formal financial institutions makes it difficult for adults to securely save for the future and borrow to make important investments in their education or businesses.
Established in June 1999 by the German and Namibian government, the Small Business Credit Guarantee Trust, has been set up to facilitate and assist the small entrepreneurs to have access to commercial loans from formal financial institutions, offering small and medium enterprises not only financial solutions but also mentorship and monitoring.
She said only 5 percent of SMEs funding comes from the formal financial institutions in Nigeria.
Currently, 24% of adults in sub-Saharan Africa say they have an account with a formal financial institution, according to recent research conducted by Gallup in association with the Bill & Melinda Gates Foundation and the World Bank.
Worldwide, 22 per cent of adults report having saved at a formal financial institution in the past 12 months, according to the World Bank's Global Financial Inclusion Database, or Global Findex.
Waly pointed out that engaging in microfinance often allows unbanked individuals, currently around 90 percent of Egyptians, to first interact with a formal financial institution and possibly graduate to traditional loans and savings.