The term Unbanked means individuals who do not have access to traditional banking services such as bank accounts, credit cards, or other financial products. In Africa, a significant portion of the population is unbanked, with an estimated 350 million adults lacking access to formal financial services. There has been some progress in improving financial inclusion in Africa and Southeast Asia, but there is still a long way to go. Addressing access barriers and encouraging mobile money services and other innovative financial solutions will play a critical role in ensuring that more people in Africa have access to formal financial services and can fully participate in the economy.
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