According to the World Bank’s report 1.7 Billion People are unbanked. This means almost a quarter of the worlds population doesn’t have access to financial institutions and tools that allow for saving, borrowing, lending, insurance and much more. In the United Nations' Financing for Sustainable Development Report 2021, it was revealed that approximately 94% of adults in developed countries have access to a bank account, whereas in developing countries, this percentage drops significantly to around 63%.
Why is there an Unbanked Population?
There are several reasons for the existence of an unbanked population, mainly being:
- Some don’t have the relevant documentation
- Some are afraid that if their neighbor finds out they have a bank, they would ask to borrow from them as having a bank can be seen as a sign of wealth.
- Some think they don’t have enough money or don’t have enough money to open a bank account.
- Some are too far away from a bank.
- Some don’t trust banks
- Some are aware of breaches of privacy, for example bank statements sent by post can be seen by neighbours or malicious personel.
- Some do not make use of banks due to breaches in the shariah law made by banks
How can we bank the 1.7 Billion People.
Addressing this global issue is imperative for the betterment of humanity. Giving the unbanked population the means necessary to do actions such as save funds in a private and secure way is of great importance to families and communities. We can help give these financial tools by addressing the issues that have kept a substantial part of the human population unbanked.
We at Avail are aware of the issue. Avail is positioned in a way that can give people all over the world the power to own their funds without interference of other parties. We believe it is a human right to have access to financial tools. Avail is a private self custodial wallet that is free to download for all. Our mission is to give people a way to store their money and data securely and privately on the blockchain so no one but the owner of the account can can touch those funds. Avail is truly power to the people and can be spread to the unbanked society so that even in times of war and mass immigration, people can keep their mind at rest that the currencies and data they had will be stored safely through Avail and not at an entity such as a bank that can fail, freeze accounts or turn into tools for tyrannical authorities.
On top of giving people a unique and self empowering tool, Avail also includes Smart Contracts that facilitate the functionality of contracts. These Smart Contracts are easy to use and come with legally binding text counterparts that make these contracts hold up in court. This is also a tool that the unbanked and all to use in order to facilitate contracts instead of having to necessarily hire a lawyer to draft a contract such as a promise of sale of a vehicle. This is a powerful tool for all to use and shall be released in the coming weeks.