Unbanked

Unbanked refers to individuals who do not have access to basic financial services such as a traditional bank account, credit cards, or loans. This may be due to a variety of reasons such as a lack of documentation or identification, low income, living in rural or remote areas, distrust of financial institutions, or a lack of understanding of financial services. There are also underbanked individuals who have some access to financial services, but not enough to fully participate in mainstream financial activities. Being unbanked can create significant challenges for individuals and their families. Without access to traditional banking services, it can be difficult to save money, make payments, or access credit, making it challenging to achieve financial stability and security. This, in turn, can perpetuate poverty and inequality.