What is Unbanked?

The 'unbanked' refers to individuals without access to the traditional banking system and modern-day financial services. Most individuals who are considered 'unbanked' lack a stable internet connection and/or reside in an underserved community or developing country. As a result, these individuals are effectively excluded from participating in the global economy. It is a primary goal of sectors like FinTech, decentralized finance (DeFi), and blockchain to support the unbanked by achieving equitable financial inclusion globally.