Previous Page

Unbanked

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 26 Apr 2023

Table of Contents

Unbanked

Unbanked refers to individuals or businesses that do not have access to traditional banking services such as savings accounts, checking accounts, and loans. Unbanked individuals and businesses are typically unable to access the financial services they need to manage their money, build credit, and save for the future.

History of Unbanked

The term โ€œunbankedโ€ was first used in the early 2000s to describe individuals and businesses that did not have access to traditional banking services. Since then, the term has become increasingly popular as more people have become aware of the financial disparities between those who have access to banking services and those who do not.

The unbanked population has grown significantly in recent years, with an estimated 1.7 billion adults worldwide lacking access to basic financial services. This population is disproportionately made up of women, low-income individuals, and people living in rural areas.

Comparison Table

Banked Unbanked
Access to traditional banking services No access to traditional banking services
Ability to manage money, build credit, and save for the future No ability to manage money, build credit, and save for the future
Access to loans and other financial services No access to loans and other financial services

Summary

Unbanked refers to individuals or businesses that do not have access to traditional banking services such as savings accounts, checking accounts, and loans. Unbanked individuals and businesses are typically unable to access the financial services they need to manage their money, build credit, and save for the future. For more information about the unbanked population, visit websites such as the World Bank, the Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau.

See Also

  • Underbanked
  • Financial Inclusion
  • Financial Exclusion
  • Mobile Banking
  • Alternative Financial Services
  • Remittances
  • Microfinance
  • Financial Literacy
  • Financial Technology
  • Digital Banking

Do you like the post? Share it now:

AnalyticsTrade Team

AnalyticsTrade Team

๐ŸŽ‰ Introducing AnalyticsTrade's exceptional team of expert analysts! ๐ŸŒŸ These seasoned pros have been dominating the capital market, trading a diverse range of assets for more than 15 years! ๐Ÿ“ˆ๐Ÿ’น Get ready to level up your game with our top-notch, captivating resources in the capital market! ๐Ÿš€๐Ÿ“š

Was this article helpful?

X

Thank You for Contacting Us!

Your email has been successfully submitted and we will get in touch with you shortly