Afaik exchanging money through mobile phone apps in Africa doesn’t involve actual banks, that’s why I used the expression “de facto banked”. The money-exchange

Afaik exchanging money through mobile phone apps in Africa doesn’t involve actual banks, that’s why I used the expression “de facto banked”. The money-exchange system is totally different, more advanced if you look at it from the poor people’s perspective. You’re probably correct though, this could never happen in the US because of regulatory capture (by the banks, mostly, but not only).