There are reasons why many people do not have accounts in different banks whether local or domestic or even within the rural or community banks or other financial institutions. There are those who are afraid and just prefer that they will hold their own money and keep it in a safe or a secret place in their home. But there are many who do not have access to this services and so they just do not avail of such kinds of services because of challenges.
Location of the bank is far from where they are located. They cannot easily and regularly go to the bank or any financial institution and so they just let their money rotate and do not have a saving or any transaction account.
The cost of application. One of the major reason that many do not have an account is the amount of money they have to produce from their wallet when they will apply for an account. It means that the services are not yet affordable to the general public.
Proper documents are lacking. The need for documents to be able to establish the identity of a person and that it is for both the security of the bank and the person.
Lack of trust in banks and other financial institutions. Rather than putting their money in the bank as explained in the first paragraph they just hold it.
Religion. There are others who do not have banking transactions or accounts because of the reason for one’s religion.