The Unbanked Population: Crypto’s Calling Card?

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The Unbanked Population: Crypto’s Calling Card?

Sun Jul 15, 2018 8:22 pm

Financial services might be something you take for granted. Depositing, borrowing and withdrawing capital is as easy as going to your local bank branch, but there are billions of individuals worldwide with no access to something as simple as a bank account.

77% Of Filipino Adults Do Not Have Access To Financial Services
CNN’s Philippines branch recently reported that a survey conducted by Philippine’s central bank (Bangko Sentral ng Pilipinas) has found that approximately 77% of Filipino adults do not own a bank account.

2017’s ‘Financial Inclusion Survey’ (FIS) found that 15.8 million adult Filipinos have bank accounts, while 52.8 million are unbanked, resulting in 22.6% and 77.4% figures respectively. Whereas western countries such as Canada, the U.K., and Sweden have over 98% of their eligible population banked, a far cry from the figures seen in the Philippines.

Despite organizations like the U.N. claiming to be working on the issue, for the Philippines, the issue is still as prevalent as ever. According to CNN, the 77% unbanked statistic has barely changed in the past two years, only seeing marginal increases in comparison to the first FIS report released by Bangko Sentral ng Pilipinas (BSP).

These breathtaking numbers may lead some to ask, why are there still so many individuals unbanked?

The Filipinos partaking in the survey brought attention to six reasons why obtaining a bank account was not a feasible task. Firstly, 60% claimed to not have enough capital to fund a bank account, while 21% cited no reason, maybe indicating a lack of interest towards banking. Another 18% said that they did not hold the required documents to see eye to eye with banks. The other three reasons included the high costs associated with banking services, a lack of knowledge about banking and finally, a lack of awareness. ... ling-card/

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