Answer :
Final answer:
Lifeline Banking Service is a financial service designed to provide basic banking services to low-income individuals who may not have access to traditional banking services. It aims to address the financial inclusion gap by offering savings accounts, checking accounts, and access to affordable credit. This service plays a crucial role in promoting financial stability and empowerment for low-income individuals.
Explanation:
Lifeline Banking Service is a financial service designed to provide banking services to low-income individuals who may not have access to traditional banking services. It aims to address the financial inclusion gap by offering basic banking services such as savings accounts, checking accounts, and access to affordable credit.
Low-income individuals often face barriers such as high fees, minimum balance requirements, and limited access to branches when it comes to traditional banking services. Lifeline Banking Service aims to overcome these barriers by offering low or no minimum balance requirements, low fees, and convenient access through mobile banking or community-based banking centers.
This service plays a crucial role in promoting financial stability and empowerment for low-income individuals. By providing access to basic banking services, Lifeline Banking Service allows individuals to save money, manage their finances, and build credit. It helps them establish a financial foundation and work towards their financial goals.
Learn more about lifeline banking service for low-income individuals here:
https://brainly.com/question/34581248
#SPJ14
