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 ?
Today, more than 100 million Pakistanis are unbanked, accounting for 5% of the world's unbanked population, according to the World Bank.
Our aim is to bring financial inclusion and literacy to this unbanked population," said Milind Singh, Co-Founder, rise.
While the unbanked migrant workers in the UAE have always had the option of visiting our branch for money transfer and payment requirements, with the rise mobile application, we want to empower the workers to send money at their own convenience any time.
Barclays Uganda CEO, Rakesh Jha, said last week that there were more than 16 million unbanked Ugandans aged above 18 years and that the firm is targeting this population.
However, this segment earns ample income and owns assets that can help banks and non-banks to design financial products that are affordable for the majority of the unbanked segment.
Comment: Deal will provide Next Group with immediate third party physical gift card distribution on a consignment basis to the stores, for the company's recently announced Cuentas and MIO virtual mobile banking solutions aimed at unbanked and underbanked consumers.
In this article, we analyze whether DLT addresses unbanked consumers' primary concerns about having a checking or savings account.
Our way to include the unbanked and to include financial inclusion is predominately through digital channels.
As in past surveys, the highest rates of the unbanked were among the poor, the young, the less-educated and minorities.
A majority of unbanked households reported that they believed that banks were not at all interested in serving households like theirs," he said.
To date, financial inclusion has been predominantly centered on providing the underserved and the unbanked with tools and transaction accounts.
Prepaid Cards are considered ideal for giving unbanked segments of the population a flavor of formal financial products without the need of opening a formal banking account.