“Unbanked” is a slang definition of adults who do not own bank accounts and avoid using banks in any other capacity. The term ‘unbanked’ should not be confused with “underbanked,” which is used to describe people who do not have sufficient access to financial services. The problem of being unbanked is widely researched in the USA, where unbanked people represent 7.7 percent of population. Due to the US’s research, most of the US’s unbanked are white, native-born Americans. They choose to be unbanked for various reasons, including involvement in illegal activities, distrust of financial institutions and extreme poverty. Banking the unbanked is an important issue and can help the poor to gain financial stability. Blockchain-based technologies are often referred to as a way of providing the services of financial institutions to people who don’t want to get involved or can’t be involved in traditional organizations.
Democrats in the U.S. House of Representatives look to a digital dollar to distribute stimulus payments in at least one version of the COVID-19 response bill.
In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked
The beer conglomerate behind the Budweiser brand is using blockchain to ensure local suppliers in Africa are able to report their income and open bank accounts.
Blockchain Used by Budweiser Owner InBev to Help African Farmers
Africa is the fastest-growing mobile market and it could possibly make this continent the world’s biggest payment systems based on blockchain tech and unbanked ...
Unpacking the Potential of Blockchain and Infrastructure in Africa
The International Blockchain Monetary Reserve and blockchain firm Algorand are jointly launching a microfinance platform and a dedicated token.
IBMR and Blockchain Firm Algorand Launch Microfinance Platform
OmiseGo, a finance-oriented scaling network for Ethereum, has become a member of Universal Protocol Alliance, a coalition of blockchain and cryptocurrency-focus...
OmiseGo Joins Crypto Coalition Universal Protocol Alliance
Co-inventor of blockchain Scott Stornetta says a mobile-based cryptocurrency delivers real use cases for unbanked consumers.
Mobile-Based Cryptocurrency Praised by Co-Inventor of Blockchain
Nonprofit organization Kiva, along with the government of Sierra Leone, have launched a nationwide blockchain solution for credit history.
Nonprofit Launches Blockchain Platform for Credit History in Sierra Leone