LeoGlossary: Underbanked

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a year ago - 1 minutes read

Individuals who have accounts with banks or credit unions yet use alternate financial services. This contrasts the unbanked who do not have accounts.

Like the unbanked, cryptocurrency offers potential to better provide financial services to this category. A digital wallet offers similar features as a bank account, ie allowing the sending, receiving, and storing of money. Decentralized Finance (DeFi) could end up offering the services that are absent in this segment of the market.


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