Latest news with #unbanked
Fast Company
6 days ago
- Business
- Fast Company
Social Security benefits update: SSA is making a major change this year that will impact many seniors
The Social Security Administration (SSA) will officially stop issuing paper checks. The transition, which aims 'to improve efficiency, security, and ensure beneficiaries receive their monthly benefits promptly,' will come into effect starting September 30, 2025. Beneficiaries should receive electronic funds transfers (EFTs) quicker than the time it takes for a check to arrive in the mail. Electronic payments should also be more secure, with the SSA claiming a paper check is 16 times more likely to be stolen or lost. Meanwhile, the federal government will financially benefit from the change. It costs about 50 cents to mail a paper check, while the EFT should cost under 15 cents. How many people will be impacted by this change? The SSA claims that less than 1% of recipients still get paper checks. As paper checks are phased out for Social Security benefits, individuals can either enroll in direct deposit through their bank or get a Direct Express card. The latter works as a prepaid debit card with just the federal benefits added to it, meaning you don't need a bank account to use it. A survey by the Federal Deposit Insurance Corporation (FDIC) last year found that about 5.6 million U.S. households were unbanked in 2023. Although the percentage of people without bank accounts is declining overall, certain populations are disproportionately impacted, according to the FDIC. Those include low-income households, Black and Hispanic households, and people who are disabled, have less formal education, or are in single-parent households. The plan to 'gradually' eliminate paper checks actually dates back to 2010, according to the Department of Treasury. However, a lot of recipients may just be hearing about it after the SSA posted an alert on Monday. Comments on that page suggest many are unhappy with the change. 'What steps are being taken to assist the elderly and physically / visually handicapped paper check recipients?' one commenter stated. 'What will SSA do if, on 30 September, there are hundreds of thousands of benefit recipients who have not set up electronic payments? Just not send them their payments?' another commenter asked. The SSA claims it is 'proactively' sending notices to beneficiaries who receive paper checks and explaining how to make the change. Their technicians should also be able to help with the transition.
Yahoo
24-06-2025
- Business
- Yahoo
Digital Payment Today - Africa's Digital Wallet Market Poised for Significant Growth
Africa's prepaid card and digital wallet market is projected to experience significant growth, with forecasts indicating a compound annual growth rate (CAGR) of 13.3% from 2025 to 2029, reaching an estimated value of $59.4 billion by 2029. This expansion is primarily driven by increased digital adoption, financial inclusion initiatives, and the integration of mobile money platforms, which collectively enhance access to financial services for unbanked populations. The rise of prepaid card solutions for younger demographics and their integration with mobile money platforms also play a crucial role in facilitating cross-border transactions and broadening the accessibility of financial services across the continent. The competitive landscape is marked by strategic partnerships and regulatory support aimed at transforming Africa's financial ecosystem. In other trading, was trading firmly up 5.7% and ending trading at ₩112,500. At the same time, lagged, down 6.7% to finish the session at $29.53, hovering around its 52-week low. SoFi Technologies' strategic partnerships and new loan products could rapidly increase its lending market share. Explore the full narrative to understand why timing might be crucial. closed at $70.05 up 2.2%. finished trading at $338.57 down 0.5%. On Friday, Visa appointed Tareq Muhmood as regional president for CEMEA, leading operations across 86 markets. ended the day at $15.20 down 1%. Last week, SoFi partnered with Benzinga to enhance its investing platform with advanced research tools and market insights. Click here to access our complete index of 200 Digital Payment Stocks, which features Banco Santander, Oversea-Chinese Banking and Jack Henry & Associates. Searching for a Fresh Perspective? AI is about to change healthcare. These 22 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "Africa Prepaid Card and Digital Wallet Future Growth Report 2025, with SOLmate, Wallets Africa, Zywa, Shoprite, and more " from Research and Markets on GlobeNewswire (published 19 June 2025) Companies discussed in this article include KOSE:A138040 NasdaqGS:PYPL NYSE:V NasdaqGS:SOFI and NasdaqGS:CHYM. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
