Banked, Fully

The term fully banked is used to describe the extent to which the population of a country has access to affordable banking. It describes the banking status of a household for a specific demographic group or society and indicates the inclusiveness of the banking system. To assess the household banking status, various categories are used to distinguish between the patterns of using the banking services provided by insured banks.

Generally, to bank means to keep money or assets in a particular bank or financial account. The practice of banking evolved with the commercialization of merchandise and as the exchange of natural products among members of a society expanded beyond local boundaries. Thereby, financial transactions grew more complex. The particular financial instruments used to do “banking” are ...