unbanked


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unbanked

People who do not have bank accounts. Also called the "underbanked," such individuals rely on non-bank check cashing, payday lending, money order, and money transfer services for their financial transactions.
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References in periodicals archive ?
Of the unbanked participants in the study, 24 percent say they do not like dealing with banks, and 24 percent indicate they do not write enough checks to make a bank account worthwhile.
The firms have created a mobile app to provide access to financial services for the unbanked. LDJ Digital Bank is to launch its first digital banking app towards the end of September 2019.
Much noise has been made about the rise of challenger banks and the potential that they have for the unbanked population.
In its monthly economic bulletin made available to the Nigerian Tribune, FDC noted that leveraging telecommunication companies (telcos) as PSBs will not only grant the unbanked public increased access to financial services, but will also ease their access to funds.
With the continuous growth of banking offices nationwide, the number of unbanked local government units declined to 554 (33.9% of the total) in 2017 from 582 (35.6%) in 2016, representing a 1.7 percentage points decrease in unbanked areas.
'We are building a new equitable financial services infrastructure that unlocks economic opportunity for millions of unbanked and underserved Filipino consumers and businesses,' Hamilton Angluben, Cashalo general manager, said.
Aslam Hayat, Acting CEO of Telenor Microfinance Bank, said "We are looking to develop a much deeper connection with our audience as well as clearly communicate the organization's goal which is to empower and enable the unbanked and underbanked individuals to take control of their lives." The bank's main objective behind their campaign is to give all unbanked and under-banked citizens of Pakistan the tools necessary to not only provide for themselves and their families but also make major contributions towards Pakistan's formal financial system and ultimately help its economy grow and prosper.
Alex Kong, Founder and Chairman of TNG, said: "As a FinTech company focused on Asia, we are committed to empowering the unbanked in this part of the world.
Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier, however, said that their focus is to maximize the strength of its 2,500 pawnshops and remittance centers across the country to achieve real financial inclusion to the 70-million unbanked sector.
Simple Savings was designed to lower barriers of entry to the financial system in order to reach out to the unbanked, providing them with their first step towards becoming financially secured.
Following its slogan "We speak your language," the Bank has decided to 'speak the language' of those who are unbanked, which constitute almost half of the Lebanese population, by creating a product, 'Save and Win', geared towards financial inclusion.
He said Telcos cooperation is needed to give refuge to the unbanked, not just for remittances, but actual banking services so they can get decent loans instead of going to loan sharks who exploit the masses with exorbitant rates and use of violent threats.