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A third of the world is locked out of basic banking

A third of the world is locked out of basic banking

Published 13 Nov 2019

The Libra Association indicates how badly treated our most financially vulnerable communities are when it comes to finance:

• That 1.7 billion people (31 per cent) of the globe is unbanked or underbanked.

• The lowest income earners are paying seven per cent or more on remittance (transactions costs) to simply move money back to loved ones from country to country.

“A key reason for creating Fabrick Innovations (formerly Libra Australia) to support application for membership to the Libra Association was to help unlock the world’s potential by helping to provide access to banking as technology crushes operating costs.

“Most economies have seen the benefits of globalisation, including the underprivileged, with more jobs, more trade and more opportunities being created in a modern world.

“It’s curious to us that the one third of the world has not yet seen globalisation turn into basic, secure banking services, even though most have access to the Internet which has made them world citizens in only a few decades.

“We believe that the Libra Association’s announcement in the middle of the 2019 was the game changer for the most vulnerable amongst the many benefits that can flow from the Libra innovation. Libra could bring online banking and finance models to the those who do not yet have it,” said Luke Behncke, Chief Executive Officer for Fabrick Innovations.

“The Libra model can develop in an evolutionary way as governments and companies see its benefits and trust in the security of a its network infrastructure that works as an alternative to the limitations of country-based currencies.

“We know the total delivery of Libra’s benefits will take time, but we hope that the world’s underprivileged don’t have to wait long. The history of Internet delivery and the growth of global payment and service platforms suggest that a better banking deal for everyone is on the horizon.” said Mr Behncke.

 

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