Banking the unbanked in emerging markets
As countries progress, citizens migrate from remote villages to large cities and foreign countries. Their economic power rises and they participate in the global economy.
People need to purchase food, pay electricity bills, top up transportation cards, arrange online services, buy overseas goods, repay loans, and send money to relatives.
Unlike the U.S., however, where 93% of people have banking options, many in developing markets do not. Globally, an estimated 2 billion adults lack access to formal financial services. The services that are available are typically cumbersome and expensive.