October 2, 2017
Written by BanQu
This post originally appeared on the BanQu Youtube Channel.
Nearly 2.7 billion people worldwide do not have access to credit and services by banks or other formal financial institutions.
Lacking a credit history or verifiable economic identity, these “unbanked/under-banked” individuals (mostly refugees, the displaced, and the world’s poorest) are excluded from the global economy. As a result, the poor and the disenfranchised stay poor and disenfranchised, while billions of dollars in aid continues flowing to conflict zones, areas struck by natural disasters, and regions of extreme poverty, with no solution in sight.
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