Unbanked


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Unbanked

Describing a person or group of people who do not have an account at any bank. Unbanked persons are either paid in cash or cash their paychecks rather than deposit them. Unbanked persons are often poor; lack of a bank account often renders one ineligible to buy a house or take advantage of some social services.
References in periodicals archive ?
It notes that closing the small-business credit gap at average lending spreads and adding fee-based services could generate about $270 billion in additional revenue for banks, while including unbanked adults into the formal financial system could generate another $110 billion, according to Accenture research.
There is a need for financing support for social business models that solve the problems of the poor and the unbanked.
We started our business in Egypt a couple of years ago, where we provided easy payment for unbanked people, as there are 2 billion people worldwide who have jobs but don't have a bank account, and they are trapped in a cash economy.
FERG also introduced the innovation of payroll cards for the unbanked segment.
Furthermore, Mobicash has promoted branchless banking in the country since our vision is to bridge the prevalent divide between the banked and unbanked population, she said.
CUNA made the point that credit unions need to increase awareness among the unbanked of affordable credit union services.
Among regions, the potential growth from this would be largest in East Asia and the Pacific and in Europe and Central Asia, where 11% of the unbanked in each region receive such payments from the government.
India, China and Indonesia alone account for 38% of unbanked adults globally.
Mercator Advisory Group's latest Research Report, Walk-In and Alternative Bill Payments in the United States, delves into the traditional walk-in bill payments market and the core constituency that drives the businessthe unbanked and underbanked consumer.
The Mena region's unbanked and underbanked sectors remain a major retail banking frontier, experts said, highlighting the potential for retail banks to partner with mobile network operators (MNOs) to offer services to mobile clients.
Once a check is cashed, unbanked individuals can incur additional fees of around $1.
Providing m-payment services for the unbanked has a clear and immediate effect on the operator's churn rate and revenue, but in the developed world this is still more of an expectation, according to the report.