The extent of financial exclusion  8  BIS central bankers’ speeches  is staggering with around 61 per cent of population having a deposit account and only 10 per cent of population having a credit account.
The rapid adoption of SONIA in the bond market demonstrates that RFRs  can be used in cash products that previously only referenced LIBOR. Can Robust Term Risk-free Rates Be Developed in Time? Some market participants argue that overnight RFRs may not be the most appropriate benchmarks to use in all cases.