The Unbanked, Explained
1. Who are the unbanked? Unbanked, as defined by the Federal Deposit Insurance Corporation (FDIC), are adults who don’t have an account at a formal financial institution, such as a bank. They are thus unable to access formal financial services such as credit, deposit accounts and money transfers and have to rely on informal providers of financial services, i.e. mostly friends and family. 2. How many unbanked people are there in the world? According to recent reports, there are over two bln adults - more than a third of the total world population - who don’t have any access to formal....
Related News
Estimates have it that half of the world's adult population of about 2.5 bln people have no access to banking. Cointelegraph spoke with Alex Fork, CEO and founder at Humaniq, a Blockchain startup that aims at connecting the unbanked to the global economy with just a smartphone. Fork explained to us how they use Blockchain to help the unbanked. Symbols instead of text. Cointelegraph: The fact is, most unbanked people are illiterate. What is the unique aspect of your services that will make it usable to the uneducated? Alex Fork: This is a challenge we identified right away, and our solution....
A bitcoin startup known simply as “Coins” has set a new financial record by raising over $5 million in a Series A funding round. Executives claim the money will be used to bring basic monetary services to unbanked populations in Southeast Asia. Funding efforts were led by the Accion Frontier Inclusion Fund, while other organizations involved include the Digital Currency Group, Globe Telecom, and Smart Communications, two of the largest global telecommunication companies in the Philippines. Leading Accion partner Ganesh Rengasway explained: “Coins is collaborating with key ecosystem players....
Hong Kong Chief Executive Carrie Lam says she is currently unbanked and keeps piles of cash stashed at her home courtesy of US sanctions. Alongside 14 Chinese and Hong Kong officials, Lam has been slapped with punitive measures that effectively cut her off from the banking system. The US government announced the sanctions in response to the imposition of the national security law on the Hong Kong territory. Cash Salary The US government, through the Office of Foreign Asset Control, can effectively enforce its policy objectives on non-US entities via the threat of punitive fines for defiant....
Stellar Development Foundation is a nonprofit organization working on bringing banking and financial services to the unbanked across the world. A simple Google search is enough to know that there are over 2.5 billion unbanked adults across the world. These people don't have access to, or don't use banks or any microfinance institutions to manage their money. Most of the unbanked population are from the developing countries in African, Asian and South American continents. The unbanked population in these regions do not have access financial institutions or services for multiple reasons.....
Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament. Cryptos Narrowing Financial Exclusion Gap Therefore, in their effort to reduce the number of people that have no access to banking services, Satoshi Nakamoto created Bitcoin, a decentralized digital currency and network that is available to anyone. Now, more than ten years later, the crypto asset has had....