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In this entry, unbanked is defined as someone who does not have any bank account in any formal financial institution. People with access to financial services vary across countries. Several factors such as ethnicity, education level, access to financial resources, and so on influence an individual’s decision to access financial services. This entry examines the characteristics of the unbanked as well as the policies and business models that have been used to alleviate this problem.

Unbanked in Developed Countries

The financial sectors of developed countries are well advanced and provide various financial services to their customers. Yet a large number of the population in developed countries remain unbanked. A survey conducted by the Federal Deposit Insurance Corporation in 2011 provided in-depth information about those who do not ...

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