August 1, 2016
In 2016, globalization sometimes is accelerated by unfortunate events, such as the ones happening in the Middle East, forcing masses of the local population to leave their homes. Becoming citizens of the world as a result of displacement, international migrants are uprooted from their communities, financial and other national systems. However, formal and legal borders still exist and legal complexities create significant barriers to assimilation and healthy adaptation.
In addition to forced displacement, there are also parts of the global population that live in countries inherently having weak financial systems. Parts of the world like Africa, unfortunately, contain a large number of financially excluded populations with a lack of access to national financial systems, let alone international.
Overall, ~2 billion people in the world don't have access to formal financial services. What is even more disturbing, according to the World Bank, is that 73% of the world’s population is unbanked. In addition, there are >232 million undocumented migrants internationally and the number continues to rise. Since many of those people do not have a formal identification document at the new place of residence, they are often victimized and hold a disadvantageous position in the financial system and beyond. The problem is ...