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The unbanked are adults who do not have their own bank accounts. Along with the underbanked , they may rely on alternative financial services for their financial needs, where these are available. Causes
A household is considered “unbanked” when no one in the household has a checking or savings account at a bank or credit union. Unbanked individuals use alternative means to manage their money ...
Because the factors that determine whether or not an individual or enterprise has access to finance may change over time, it makes sense to group the banked and unbanked into market segments that reflect their current and possible future status as users or non-users of financial services.
Financial inclusion is the availability and equality of opportunities to access financial services. [1] It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which include banking, loan, equity, and insurance products.
Being unbanked means that no one in the household has a checking or savings account at a financial institution, such as bank or credit union. Believe it or not, being unbanked isn't exactly rare
One-third (33 percent) of unbanked households in 2023 cited a reason related to fees or a minimum balance as the main reason for not having an account at a bank. These included bank fees being too ...