Unbanked Population

The unbanked population refers to individuals or households that do not have access to traditional banking services, such as checking or savings accounts. This group often relies on alternative financial methods, like cash transactions, check-cashing services, or prepaid cards. Reasons for being unbanked can include a lack of trust in banks, high fees, or difficulties in meeting identification requirements. Being unbanked can limit access to financial resources, hinder savings, and increase reliance on less secure financial options, making it challenging to manage finances effectively and build wealth over time.