10.H.25) Bring unbanked individuals into the mainstream banking sector

For a variety of reasons, many immigrants do not use conventional financial institutions.  They may lack a social security number, be unfamiliar with institutions, or face language barriers.  There are immediate and quantifiable costs to being “unbanked”:  unbanked individuals pay more for basic financial transactions such as cashing a check and paying bills. Unbanked individuals are not building a credit history.  Unbanked individuals frequently lack sufficient credit histories to satisfy the requirements of traditional lenders and may turn to high-cost, subprime loan products. For individuals who are unbanked, the initial steps towards creation of wealth (accumulation of resources) remain impassable barriers.

 

25.a    Financial institutions should lead an effort to develop new programs for the unbanked

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Parent Strategy: 
Invest in a Skilled Workforce
Parent Sub-Strategy: 
H. Support Individual Asset Building and Financial Literacy
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