“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.
Crypto isn’t inherently good in just its development and proliferation; the community must address the reasons causing financial exclusion.
Mission-driven cryptocurrency requires an active commitment to equity
The ease and convenience of services backed with the emerging techs can dramatically improve the financial landscape in Africa.
Emerging technologies can change the African financial landscape
Blockchain and cryptocurrency have great potential to help us, especially in these challenging times of the global coronavirus outbreak.
What the COVID-19 pandemic means for blockchain and crypto
While most of us will prefer to forget the horrors of 2020, DeFi may well prove to be the guarantee of a better, more liberated future.
The great unbanking: How DeFi is completing the job Bitcoin started
Issues such as financial inclusion and competition with China propelled a hearing on digital dollars before the U.S. Senate today.
Digital Dollars Take Center Stage in Hearing Before US Senate
After seeing an abject failure of traditional financial models, people might turn to decentralized peer-to-peer technology with crypto as the future.
How Bitcoin Empowers the Unbanked and Combats Injustice
Regions of the world with fast-growing economic potential and young populations, such as India and Africa, will become leaders in crypto adoption.
Financial Inclusion, Cryptocurrency and the Developing World