What’s Wrong with “Banking the Unbanked”?
Even though people in developed and developing countries live complex financial lives, by far not all of them have bank accounts as money management hubs. Popular means of money management among poor people are keeping savings at home, joining savings clubs, transacting with family/friends, signing on with formal licensed providers etc. In contrast, people in developed countries rely on bank accounts. Since opening a bank account for a poor person will hardly change his/her financial life, a more complex transition and a better measure of financial inclusion is necessary.