A broader definition of banking is any financial institution that receives, collects, transfers, pays, exchanges, lends, invests, or safeguards money for its customers. These services are so critical to various individuals and organizational activities which make banking a basic human need.
It is therefore unbelievable to learn that over 30% of the worldâ€™s population is unbanked and has no access to this important transactional need year after year. This lack of access to banking contributes to increased gross poverty, marginalization, underdevelopment, and failure to enjoy the use of important goods and services.
The foundational need for banking services makes this sector a very important pillar in Compassionate Capitalism and guided by the development rankings, solutions are tailored to increase access to banking in neglected communities through capital investments, knowledge and information, expansion of local banks, collaborations, formulation of helpful legislations and more.