As per the World Bank, about 1.7 billion adults globally are unbanked. Many of these individuals are entrepreneurs or own micro-businesses. Many micro-enterprises use informal financial services due to high fees, distance, and mistrust in formal banks. Technology, particularly mobile banking, is bridging this gap, fostering economic growth and broadening financial inclusion.
Challenges That the Underbanked Face
Underbanked individuals and businesses face a plethora of challenges that hinder their economic growth.
They often lack access to formal credit systems, making securing loans for expansion or managing cash flows challenging. This limited access to banking services restricts them from participating in international trade, confining them to local markets and reducing their earning potential.
Additionally, they tend to bear higher costs by relying on non-traditional financial services, such as payday loans or pawnshops, typically with steep interest rates. These individuals and businesses also miss out on the security and insurance that formal banking systems offer, leaving their savings vulnerable. Everyday transactions can become tedious and inefficient without banking access. This can severely restrict growth, as businesses cannot tap into larger markets or make necessary investments.
Moreover, as the world becomes increasingly digital, those without banking access find themselves further marginalized, missing out on the expanding digital economy.
Silverbird Is Giving the Underbanked A Voice
Silverbird emerges as a global beacon for unbanked businesses, offering them the financial inclusion they’ve long sought. Drawing inspiration from Max Faldin, who recognized the systemic barriers that stifled entrepreneurial growth, Silverbird is not just a financial platform but a movement to democratize commerce. From seamless transactions to tapping into global markets, Silverbird bridges the economic divide, fostering growth, innovation, and opportunity. Silverbird ensures no enterprise is left behind in a rapidly digitizing world, reflecting Max Faldin’s vision of an inclusive, empowered global business community.
What Silverbird Offers To the Underbanked
Silverbird presents a versatile platform for managing multiple currencies, simplifying global business transactions. Through this platform, SMEs have the liberty to transact internationally without restrictions. Supporting an array of over 30 currencies, including notable ones like the U.S. Dollar, British Pounds, and European Euro, it’s a game-changer.
Before leveraging Silverbird’s offerings, SMEs undergo a simplified yet thorough digital verification and KYC process. Unlike the cumbersome steps of conventional banks, Silverbird’s methods are efficient and digital-first, removing the need for in-person interactions or tedious paperwork. And if hurdles arise, a dedicated team is just an email distance away.
Silverbird bolsters global business operations by ensuring rapid and efficient payments across borders. Companies can establish virtual accounts specific to regions like the EU, UK, or US, facilitating transactions through various networks, including SEPA, SWIFT, and FPS.
Why Businesses Should Use Silverbird
Global trade remains tethered to outdated regulations. Enterprises aiming for a worldwide presence grapple with challenges like stringent currency norms, archaic banking methods, and certifications. Silverbird emerges as an antidote, streamlining administrative chores and enabling entrepreneurs to prioritize business expansion.
Engaging with this platform is purely digital. Essential business verification documents can be uploaded remotely; there is no need to step outside or leave your homeland. Once integrated and authenticated, the platform facilitates the setting up accounts for foreign currency management. Consider a Serbian firm that wishes to transact in U.S. dollars with American clients; Silverbird makes it feasible.
