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What is fringe banking?
Rounding it up
Fringe banking is payday loan shops, pawn shops, and any other financial institution that charges much higher-than-average rates of interest on their services.
They prey on the financially excluded, who are largely low-income communities that do not have access to mainstream banking institutions.
Fortunately, there have been efforts to rectify financial exclusion, like Toronto’s “Banker Ladies.”
For systemic improvements, the government must work with the banking community and credit unions to develop solutions to serve the marginalized population.
Sukaina Jamil
Sukaina Jamil is a freelance writer and communications specialist. She has previously written and worked for The Book and Periodical Council, Review of Journalism and Kaleidoscope.
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