The MotivationThere are millions of unbanked and underbanked people in the US and across the world. The U.S. financial system touts over 5,000 banks and more than 5,100 credit unions, yet 55 million US citizens are either unbanked or underbanked according to a report by the Federal Reserve in 2018. Globally, there are 1.7 billion adults that remain unbanked according to the World Bank.
Mobile apps, Neo banks, and digital currencies on the blockchain (like Bitcoin) are all having an impact. More platforms are being released to cater to this underserved population. Mobile device usage is expected to reach 17.72 billion by 2024 which is an increase of 3.7 billion devices compared to 2020. If someone can have a phone, then they can have a bank.
Our goal is to cover this growing trend and technology shift.
“We already know a lot about how to make sure women have equal access to financial services that can change their lives,” Melinda Gates, Co-Chair of the Bill & Melinda Gates Foundation, said. “When the government deposits social welfare payments or other subsidies directly into women’s digital bank accounts, the impact is amazing. Women gain decision-making power in their homes, and with more financial tools at their disposal they invest in their families’ prosperity and help drive broad economic growth.”