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Josue Calderon, a 19-year-old from El Salvador, shares his challenges of only using cash when he arrived in the United States. The podcast explores the barriers to accessing a bank account, difficulties faced by migrants, and the issue of unbanked individuals globally. It also highlights the popularity of the Agile savings system in Nigeria and the need for trusted platforms to empower unbanked individuals.
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Quick takeaways
- Migrants face challenges in opening bank accounts due to strict requirements and language barriers, leading to financial exclusion.
- Countries like Malawi and Zimbabwe struggle with their banking systems, hindering people from accessing formal financial services and eroding trust in the system.
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Barriers to Opening a Bank Account
Opening a bank account can be challenging for migrants due to strict registration requirements, such as passport and visa details, proof of permanent address, and credit history checks. Language and cultural barriers further complicate the process. In the US, 6% of adults, approximately 20 million people, do not have a bank account, with certain demographics, like black and Hispanic communities, low-income individuals, and those with less education, being more likely to be unbanked.
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