underbanked

1 of 2

adjective

un·​der·​banked ˌən-dər-ˈbaŋ(k)t How to pronounce underbanked (audio)
: not using or having access to a full range of banking options
[The survey] also measures how many households are underbanked, meaning they have a bank account but look outside the banking system to meet transaction or credit needs.FDIC
Workers who live from paycheck to paycheck can easily slide from the traditional banking world to the underbanked world and then to the unbanked.Mikki Kendall

underbanked

2 of 2

noun

: a person or group of people who do not utilize or have access to a full range of banking options
As online transactions become ubiquitous, life has become more challenging for those who rely on cash: the unbanked, those who don't or can't access banking and financial services, and the underbanked, those who don't make full use of such services.Jackie Benton
Now he [Michael Broughton, CEO of Altro] wants to empower the underbanked, and eventually folks without any bank account at all, to have more financial power.Sara Bloomberg

Examples of underbanked in a Sentence

Recent Examples on the Web
Adjective
The company’s Angeleno Connect program in Los Angeles, launched in 2020, has successfully reduced government costs of providing resources to unbanked and underbanked people in the city. Julie Samuels, New York Daily News, 9 Apr. 2024 Latino and Black households represent 64% of the country’s unbanked and 47% of its underbanked households. Jennah Pendleton, Sacramento Bee, 3 June 2024 By Armani Syed May 30, 2024 7:29 AM EDT M-Kopa isn’t threatened by competitors looking to emulate its pay-as-you-go products for underbanked customers across Kenya, Uganda, Nigeria, and Ghana. Armani Syed, TIME, 30 May 2024 The Biggest Southeast Asian Market In a population of more than 275 million, Indonesia is estimated to have well over 100 million people who are unbanked or underbanked. Zennon Kapron, Forbes, 29 Mar. 2024 See all Example Sentences for underbanked 

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'underbanked.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

Etymology

Adjective

under entry 1 + banked, past participle of bank entry 4

Noun

derivative of underbanked entry 1

First Known Use

Adjective

1845, in the meaning defined above

Noun

1995, in the meaning defined above

Time Traveler
The first known use of underbanked was in 1845

Dictionary Entries Near underbanked

Cite this Entry

“Underbanked.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/underbanked. Accessed 8 Oct. 2024.

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