LeoGlossary: Unbanked

Individuals who do not hold accounts with either banks or credit unions. They also do not have access to bank access or any other mainstream financial services.

These people tend to use alternative financial services (AFS) like paycheck advances.

Cryptocurrency offers hopes for the unbanked through a digital wallet which enables people to receive, send, and store money. Other financial services might be available to these individuals as the Decentralized Finance (DeFi) industry builds out.

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