How mobile wallets boost financial inclusion

 An average privileged person enjoys several banking instruments like depositing/withdrawing money in a savings account, using ATM facilities and making digital transactions at grocery stores & mall, and many more. However, not everyone around the world enjoys these perks.




According to the World Bank, around 1.7 billion people in this world don’t have any access to the banking facilities. Yes, it might come as a surprise to many readers but a huge chunk of the global population is still unbanked. But why is it so? Let’s have a look.

Why people are unbanked?

To understand this situation let’s take the example of the United States of America. According to a survey by FDIC, around 7% of the American households are unbanked. This is significant as it amounts to 9 million households that have no access to a savings account or checking account.

They don’t have any credit cards or direct deposits too. In simple words, these people don’t utilize any mainstream financial services. In some parts of the country, the percentage of unbanked people rises to as much as 40%.



Location: United States

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