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 ?
However, while low fees for sending money abroad are undoubtedly a huge help for many, this doesn't address several of the day-to-day challenges that the unbanked market faces.
According to FDC, the most obvious lever telco PSBs have to decrease the unbanked population is their large customer base; the telcos could use their existing financial technology (finTech) capabilities to increase the number of adults that are granted access to simplified, quality and affordable financial services.
Launched in May 2018 and designed around the principles of inclusion, responsibility, and transparency, the fintech firm seeks to serve the unbanked and the underserved.
Headquartered in Hong Kong, TNG FinTech Group is an industry pioneer providing next-generation financial services to the 1.2 billion unbanked population in Asia through its e-wallet platforms.
The launch coincided with the introduction of "#KayaNa: Unbanked Filipinos No More Movement."
JTB's conviction is that financial inclusion contributes to alleviating poverty and to speeding up economic development by integrating the unbanked and needy into the mainstream of economic activity and effectively harnessing their potential contribution to their communities.
Idaho has a lower rate of unbanked people, 2.3 percent, than its surrounding states.
households without a bank account fell, according to the results of the 2017 biennial National Survey of Unbanked and Underbanked Households released today by the Federal Deposit Insurance Corporation (FDIC).
Islamabad -- Tez Financial Services, the first fully digital Non-Bank Microfinance Company (NBMFC) focused on serving the unbanked and underbanked in Pakistan, today announced that it has raised USD$1.1 million in a seed round led by Omidyar Network, the impact investment firm established by Pierre Omidyar, the founder of eBay.
The post Saudi telco rolls out fintech solution for the "unbanked" population appeared first on TahawulTech.com.
A lot of farmers are unbanked, so they rely on cash.