While most of the population in the western world can be said to be “overbanked” there still remains a sizable amount of the population that is underbanked. The underbanked are those that are unable to secure a bank account that allows them to conduct normal transactions that has been enabled by modern technologies. According to World bank, 1.7 billion people do not have a bank account. Most underbanked population deal mostly in cash and doing limits the amount transactions that can be had. This type of dealing is prevalent in the developing and emerging markets.
An emerging market such as the Nigeria where only 40 percent of its population have a bank account, the remaining population are left to deal with the large and cumbersome cash on a daily basis. In a bustling market where many transactions can take place, having the option to transact in other forms of currency could make a lot of difference to a bottomline. Libra cryptocurrency which can be transacted using a smart phone app, will be a valuable asset to the unbanked population around the world. it can be integrated seamlessly into their daily financial dealing with little acclamation required as most people in the developing countries have some form of a smart phone.