Banking the unbanked and the underbanked through digital currency globally

By Wirba Brice Divine Ransinyuy. [email protected]

These two terms the unbanked and the underbanked may seem to be less significant, but they are very much significant in their meaning. They come together to portray the real face of financial services as banks are not often there to bring their support to the poor, they commonly worked for the rich. It may seem too hard to believe, but it is an amazing truth as more and more people are beginning to lost confidence, trust and patience in the use of banks. This does not mean, banks do not have adherents, they do have, though they do not aim for a globalized users of banks. Digital currency is here to break all restrictions and barriers ever imposed by banks, as it has opened its hand to all users globally, thereby bringing both the unbanked and the underbanked to a financial world of no restrictions.

In many counties of the Western world, bringing digital currency usage is hardly a shock therapy. Through a research program conducted through a cross-section of British and North American many of them testified the fact that they do not have bank accounts and the coming to light of digital currencies give them opportunities that financial institutions like banks and economic operators are unable to give them whereas in digital currency, everyone can find its satisfaction and pleasure not like in banks. With this project in sight, many testified the coming of digital currencies have given them opportunities to carry les money on them which gave a proportion of 60% already and in the coming two years, over 50% are expecting to carry les cash with them.

Continuing in this analyzes, many citizens in developed countries are still without bank accounts or banking services. In a country like the US, a sizeable amount of Americans do not have access to banks, this gives a proportion of about 15.6 million Americans as brought out in the year 2015. Looking at things now, the number must have surely dropped down significantly. Luckily digital currency is here to break such limitations.

With another illustration, the UK falls in the same light as according to the UK Financial Institution Commission, from those not having a bank account in their country, it is just 50% of the unbanked that are willing to have a bank account with about 15% of the newly banked that close their account shortly from opening it as it is due to higher charges in fees which most of them cannot support and thus decide to part ways. With the introduction of digital currency in their economy, many more inhabitants feel themselves included in the country’s economy.