Last year, the World Bank highlighted that two billion people globally still lacked a bank account or access to a financial institution via electronic devices. Across the developing world in particular, access to traditional financial institutions is limited by factors such as geography or political instability. In Kenya, for example, half of the population must travel for more than 30 minutes to get to the nearest bank.Not only this, but more than 20% of unbanked adults continue to receive wages or government transfers in cash, and many are paying bills and school fees this way. Without a bank account or some mechanism to deposit money, these citizens are dependent on physical cash to make financial transactions. Unfortunately, this dependency weakens national economies, is at high-risk of corrupt practice, and ultimately, limits the extent citizens can transact with each other, and businesses.But how is physical cash limiting the finances of consumers? Sums of loose cash can be lost or stolen, and without a bank account, changes to the economy impact the saver rather than the bank, and no interest can be accrued. The impact of cash dependence is felt most heavily by developing nations, where, without access to credit, individuals cannot… Read full this story
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