According to the World Bank’s most recent Findex data, the Middle East and North Africa (MENA) have the lowest percentages of adults with a formal account (18%) and of people on lower incomes with formal access to financial services (9%). 1
Banking — all the services offered by a bank or credit union — allows individuals to deposit funds, transfer money and complete transactions in a secure place with fair terms. Knowing how financial institutions operate and what services they provide is crucial to making the most of your money.
Before delving into the nitty-gritty of how financial institutions function, it’s important to understand what a bank is and what services they offer: