The unbanked is a term for individuals who lack access to traditional financial services and normal bank.
The most commonly cited reasons for being unbanked are:
- Insufficient funds to maintain a minimum account balance
- Lack of domestic banks, or untrustworthy banks with suboptimal safety regarding customer deposits.
- Lack of government identification or proof of residency needed to pass KYC checks to open an account.``
See also predatory inclusion.
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