The survey does not reveal whether the relatively low penetration of bank accounts in this income segment is because they can’t open them or they don’t want them. This is an important distinction, because it implies different actions by banks to improve penetration amongst these households.
If access is a problem, then simplified procedures and lower thresholds may be sufficient to achieve the objective and, indeed, this is exactly what is being done by means of no-frills accounts. However, if it is because people don’t find adequate value in opening accounts, the challenge of inclusion becomes a little more complicated.