Terminology

Banked

Owns a bank account and mostly uses mainstream financial services.

Underbanked

Owns a bank account but goes outside of their bank for financial services.

Unbanked

Does not own a bank account and solely uses alternative financial services.

Why people remain unbanked...

Types of banking

Mainstream

Financial systems regulated by government entities.

Alternative/Fringe

Financial services not regulated by government entities.

Pros

Cons

Pros

Cons