“Were you happy with your service today?” The question that bank tellers often ask customers after a routine transaction might seem commonplace to many. But to a native Ugandan unfamiliar with customer service in U.S. retail banks, it could be a pleasant culture shock.
“Financial institutions in Uganda can be intimidating — for women, they’re even worse,” said Oliver Wonekha, the country’s ambassador to the United States, at a Brookings Institution event last week. “In the U.S. you feel welcome.”
Negative perceptions toward banking experiences are just one reason why so many in the developing world are excluded from formal banking institutions. Low disposable incomes, high transaction costs and a lack of branch banks are also major factors. All told, around 2 billion adults worldwide do not hold accounts at formal financial institutions, according to the World Bank.
About the author
Naki B. Mendozamfbmendoza
Naki is a former reporter, he covered the intersection of business and international development. Prior to Devex he was a Latin America reporter for Energy Intelligence covering corporate investments and political risks in the region’s energy sector. His previous assignments abroad have posted him throughout Europe, South America, and Australia.