Financial inclusion: 26 millions U.S. adults are credit invisible, or have no credit at all

-One in ten U.S. adults are credit invisible, or have no credit at all, making it more difficult for them to access financial services and resources.

– Credit invisible consumers and consumers who lack sufficient credit history make up almost 20 percent of the entire United States’ adult population.

-According to data from the Federal Reserve, only 70% of Hispanics and 60% of African Americans have a checking account and banking services, compared to 81% of the general average in American households and almost 90% of whites.

-The small Latino and African-American companies have preferred to go to intermediate digital entities or ‘fintech’ rather than to traditional banks to access public recovery programs against covid-19 (According to a study from New York University and the National Bureau of Economic Research)

-Financial inclusion is crucial to reducing inequality and creating opportunity.

To go deeper on this subject: 

-Fintech can promote financial inclusion in emerging economies 

-Predictive tech: empowering entrepreneurship through financial inclusion