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Increase Access to Financial Services for Low-Income Households
Lower-income familes, immigrants, and young people without credit histories are some of the nearly 32.6 million American households the FDIC considers 'unbanked' or 'underbanked,' living without adequate access to traditional financial services.
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A key barrier for low-income people obtaining financial independence is a lack of trust in the new digital form of money, and solutions where mobile money agents play a role can aid in building that trust. The hope is that providing access to mobile money also enables access to digital financial services in a way that previously was not possible for underserved and underbanked communities. Access to savings and loans has the potential to stabilize volatile incomes and enable financial growth.
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