Who Are "Unbanked" and "Underbanked" People?

Unbanked people are individuals who haven’t engaged with banks or banking institutions in any formal way. Unbanked people generally use cash for purchases, and don’t use professional banking services (insurance or pensions, for example).

Underbanked people are individuals who have minimally engaged with banking services; most transactions are cash or check based (and don’t rely on credit or accumulating debt). 

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