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December 02, 2015

Gates and JPMorgan Back White House Outreach to 'Unbanked'

The Obama administration announced a set of public-private programs Tuesday to expand financial services to the millions of low-income people in America and around the world who lack access to credit, savings accounts, and other fiscal essentials, reports The New York Times.

Corporate and philanthropic partners such as the Bill & Melinda Gates Foundation, JPMorgan Chase, PayPal, and Coca-Cola have signed on to help implement the 10 Treasury Department efforts aimed at reducing the ranks of the so-called unbanked, particularly through technological solutions. Among the projects, the Gates foundation and JPMorgan will establish a joint fund for investment in development, and PayPal and Village Capital are teamingup  to support financial services for entrepreneurs in the United States and Mexico.

More than 2 billion people worldwide "rely solely on cash transactions," and a fifth of U.S. households continue "to use alternatives like check cashers or auto title loans," Treasury Secretary Jacob Lew said in outlining the effort at a two-day government forum on financial inclusion.