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Unbanked Population

Apr 05, 2023

In an era when banks abound, the unbanked population is left out!

Having a bank card these days is becoming almost as important as having an official ID or passport. Financial inclusion means having access to financial services that help you manage your money and achieve financial stability. Without it, everyday tasks like renting a house, or even having an internet connection at home could be very challenging. For example, having a bank account, a credit history, or some other financial records can help you prove your reliability and credibility when you're applying for a job or a rental property. It's also important to make digital payments and managing your finances online.

The World Bank doesn’t lie!

Sometimes it is hard to believe that within an advanced economy and developed countries, there is still a significant part of the population that remains unbanked. In the European Union alone, close to 40 million citizens don’t have a bank account, according to data released by the World Bank. And according to the ESBG analysis of the Global Findex Database 2021, also released by the World Bank, more than 13 million adult EU citizens still lack access to basic financial services. These unbanked and underserved populations face several financial challenges and are often excluded from participating in the mainstream economy.

The challenges of the unbanked

For many, the lack of access to banking services makes it difficult to pay bills, receive payments, and save money. Without access to banking services, these populations often have to rely on alternative financial services such as payday loans, pawn shops, or money lenders, which come with high-interest rates and fees. The reasons for being unbanked or underserved vary from one individual to another, but some common factors include low-income levels, lack of credit history, or living in rural areas where banks are not accessible.

MyMonty saves your day!

At MyMonty, we understand the importance of financial inclusion and believe that everyone should have access to basic financial services. Our user-friendly money app is designed to make financial transactions simple, convenient, and accessible to everyone, regardless of their financial situation. With MyMonty, users can easily pay bills, transfer money to friends and family members, and receive money wherever they are, without the need for a traditional bank account. Everyone should have the opportunity to take control of their financial lives. That's why we're committed to providing a solution that empowers unbanked and underserved populations, giving them the tools they need to achieve financial stability and independence. So, if you or someone you know is unbanked or underserved, consider giving MyMonty a try, and take control of your financial future. Join us in our mission to create a more inclusive financial system and help us make a difference in the lives of millions of people across Europe.

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