Unbanked Population Quotes

A cashless society promises a world of limitation, control, and surveillance - all of which the poorest Americans already have in abundance, of course. For the most vulnerable, the cashless society offers nothing substantively new; it only extends the reach of the existing paternal bureaucratic state.

Making loans accessible to millions of the previously unbankable customers is a noble goal. Getting them hooked to such loans isn't.

I used to turn in, like, 20 money orders to pay my rent - $20 for this one, $30 for this one. I didn't have a checking account.

There are hundreds of millions of people around the globe who could safely repay loans but nonetheless do not have access to a line of credit. Financial institutions in developing economies are broken and inefficient, and hard-working people have not been given the chance to establish a credit history.

If you're in poverty and all you have is a debit card or a prepaid card or you pay in cash, it does not report to a credit bureau. If it doesn't report to a credit bureau, it cannot create a credit score for yourself.

Before the arrival of the Credit Union, people who were from the poor background or a working class background couldn't borrow from banks.

Today, if you look at financial systems around the globe, more than half the population of the world - out of six billion people, more than three billion - do not qualify to take out a loan from a bank. This is a shame.

When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker.

Banks can't recoup the costs of serving customers who save in small amounts and transact frequently.

We do recognise that there are areas where the current financial services market, the banking market, just isn't working for chunks of the British economy.

It was shocking to realize how many low-income Americans don't have savings accounts.

They explained to me that the bank cannot lend money to poor people because these people are not creditworthy.

We developed microfinance to fight loan sharks - I was telling people don't go to loan sharks - not trying to take advantage and make money for myself. I would be a junior loan shark if I did... It is not a panacea.

Two-thirds of the world's population is unbanked or underbanked. Imagine if you had all your bank accounts shut down today, if you had all your credit cards shut off today, Paypal, Venmo, etc. What would life be like? And that's a problem that most of the world faces if you're in Latin America, Africa or South East Asia.

On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates.