Unbanked

The unbanked is a term for individuals who lack access to traditional financial services and normal bank.

The most commonly cited reasons for being unbanked are:

  1. Insufficient funds to maintain a minimum account balance
  2. Lack of domestic banks, or untrustworthy banks with suboptimal safety regarding customer deposits.
  3. Lack of government identification or proof of residency needed to pass KYC checks to open an account.``

See also predatory inclusion.

References

  1. Howson, P., & de Vries, A. (2022). Preying on the poor? Opportunities and challenges for tackling the social and environmental threats of cryptocurrencies for vulnerable and low-income communities. Energy Research and Social Science, 84(xxxx), 102394. https://doi.org/10.1016/j.erss.2021.102394
  2. Koning, J. P. (2020). Bitcoin Financial Literacy and Crypto-Twitter. In American Institute for Economic Research. https://www.aier.org/article/bitcoin-financial-literacy-and-crypto-twitter/
  3. Aitken, R. (2017). ‘All data is credit data’: Constituting the unbanked. Competition and Change, 21(4), 274–300. https://doi.org/10.1177/1024529417712830
  4. Babu, A. (2020). Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482
  5. Chen, Y., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13. https://doi.org/10.1016/j.jbvi.2019.e00151
  6. Crandall, J. (2019). Cryptoeconomic Geographies and Contestation in Puerto Rico [PhD Thesis]. In Thesis (Issue May). http://jilliancrandall.net/cryptoeconomic-geographies-and-contestation-in-pr/
  7. Greeley, B. (2019). Facebook’s Libra will not help the unbanked. Financial Times, 18.
  8. Kapsis, I. (2021). Should we trade market stability for more financial inclusion? The case of crypto-assets regulation in EU. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9
  9. Sen, A., Lindquist, J., & Kolling, M. (2020). Who’s Cashing in? Contemporary Perspectives on New Monies and Global Cashlessness (Vol. 19). Berghahn Books.
  10. Swartz, L. (2020). New money: How payment became social media. Yale University Press. https://yalebooks.yale.edu/book/9780300233223/new-money
  11. Vasudevan, R. (2020). Libra and Facebook’s Money Illusion. Challenge, 63(1), 21–39. https://doi.org/10.1080/05775132.2019.1684662
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