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Investments glossary

Unbanked


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Quotes of the day:

Business strategies can interestingly be assimilated with medicinal drugs. There are no better or worse strategies. There are only adequately adopted business strategies or inappropriately selected and implemented strategies.

— Abderrahman Hassi

Unbanked is an informal term for adults who do not use banks or banking institutions in any capacity. Unbanked persons generally pay for things in cash or else purchase money orders or prepaid debit cards. Unbanked persons also typically do not have insurance, pensions, or any other type of professional money-related services. They may take advantage of alternative financial services, such as check-cashing and payday lending, if such services are available to them.


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