Unbanked refers to individuals or households who do not have access to traditional banking services such as savings or checking accounts, loans, or credit cards.
This lack of access to financial services can limit the ability of unbanked individuals to save, invest, and grow their wealth, as well as make it more difficult for them to access credit and make large purchases.
The unbanked are often low-income, rural, or otherwise marginalized communities who face a variety of challenges that prevent them from accessing financial services, such as lack of identification, limited access to banks, distrust of financial institutions, or difficulty navigating the financial system.
To address this issue, various organizations and governments have launched initiatives aimed at increasing financial inclusion and providing access to financial services for the unbanked. This can include initiatives such as mobile banking, community-based savings groups, or prepaid debit cards.