The modern financial system is a walled garden. It operates brilliantly for those inside but leaves roughly 1.4 billion adults worldwide unbanked. The challenge isn't just about giving people an account. Even in the US, exclusion is driven by "discriminatory lending, high account fees, limited competition, and deceptive financial practices". We’re not going to fix this by building a slightly better bank. We have to bypass the legacy system entirely.

erickpereda.substack.co…