I’m not really sure any of this actually explains a majority of the unbanked. Sure, it explains why people engaged in illicit trade don’t use a bank, but I find

I’m not really sure any of this actually explains a majority of the unbanked. Sure, it explains why people engaged in illicit trade don’t use a bank, but I find it hard to believe that is a sufficient explanation, especially when compared to lack of identification, perceptions of banks, and perhaps lack viable products (eg A checking account with “$25 maintenance fee waved if you keep a balance of $500 or more” is out of reach for the paycheck to paycheck crowd.)