Neobanks built for the underbanked
A niche neobank is not a general product with different branding — it is built around one group's actual constraints, which is why these 23 exist alongside the 367 others. Audience tags come from what each product says it is for, verified against its own site.
All 23 neobanks built for the underbanked
| neobank | type | hq | custody | licence / structure | reported users |
|---|---|---|---|---|---|
| GCash | traditional | Manila, PH | Custodial | E-money issuer licence (EMI-NBFI, Bangko Sentral ng Pilipinas) via G-Xchange Inc.; Mynt group | 94M users (2024) |
| bKash | traditional | Dhaka, BD | Custodial | MFS licence (Bangladesh Bank) | 70M users (2024) |
| OPay | traditional | Lagos, NG | Custodial | Payment licences (NG) | 60M users (2024) |
| PalmPay | traditional | Lagos, NG | Custodial | Mobile money licence (NG) | 35M users (2025) |
| MiniPay | web3-native | Oslo, NO | Self-custodial | Self-custodial software | 10M wallets (2025) |
| TymeBank | traditional | Johannesburg, ZA | Custodial | SA banking licence | 10M customers (2024) |
| Airtel Payments Bank | traditional | Delhi, IN | Custodial | Payments bank licence (RBI) | — |
| Daviplata | traditional | Bogotá, CO | Custodial | Operates under Banco Davivienda's Colombian banking licence (SFC-supervised) | — |
| Djamo | traditional | Abidjan, CI | Custodial | Microfinance licence (BCEAO / Côte d'Ivoire MEF, Sep 2025 — first fintech); cards with partner banks | — |
| Flouci | traditional | Tunis, TN | Custodial | Partner-bank model — BCT regulatory sandbox (1st cohort, 2020); not a bank | — |
| Jio Payments Bank | traditional | Mumbai, IN | Custodial | Payments bank licence (RBI) | — |
| Khazna | traditional | Cairo, EG | Custodial | Pursuing Central Bank of Egypt digital-bank licence (target mid-2026); lends via FRA-regulated entities | — |
| MNT-Halan | traditional | Cairo, EG | Custodial | Microfinance and consumer finance licences (FRA, Egypt); e-payments arm licensed by CBE | — |
| Movii | traditional | Bogotá, CO | Custodial | SEDPE e-money licence (Superintendencia Financiera, Colombia) | — |
| Nagad | traditional | Dhaka, BD | Custodial | Mobile money licence (Bangladesh Bank MFS, with Bangladesh Post Office); 2024 digital-bank licence under review | — |
| Nickel | traditional | Paris, FR | Custodial | Payment institution (Financière des Paiements Électroniques, ACPR no. 16598); BNP Paribas subsidiary | — |
| PaySika | traditional | Douala, CM | Custodial | Cards issued by Ecobank Cameroon under Visa licence; PaySika Holding registered in France | — |
| Pockit | traditional | London, UK | Custodial | E-money via FCA-authorised EMIs (Modulr, PSI-Pay); owns Monese's EMI licence | — |
| Pyypl | traditional | Dubai, AE | Custodial | FSRA (ADGM) money services licence No. 170031; non-bank payment institution; also CBB Bahrain, AFSA Kazakhstan | — |
| Stori | traditional | Mexico City, MX | Custodial | Sofipo (MX) | — |
| Suits Me | traditional | Cheshire, UK | Custodial | E-money accounts issued by PrePay Technologies (FCA EMI, FRN 900010); Suits Me acts as agent/programme manager | — |
| TrueMoney | traditional | Bangkok, TH | Custodial | E-money licence (Bank of Thailand) via Ascend Money; local e-money/payments licences across 7 SEA markets | — |
| Wave | traditional | Dakar, SN | Custodial | First non-telecom e-money issuer (BCEAO) | — |
Common questions
Neobanks built for the underbanked: how many are there?
23 of the 368 neobanks tracked here are built for the underbanked. Every entry is verified active and listed on this page with its custody model, licence detail and the regions it serves.
Which are the biggest neobanks built for the underbanked?
By self-reported users, GCash, bKash, OPay, PalmPay and MiniPay. Only 6 of these 23 disclose a user figure, so treat any ranking by size as partial rather than complete.
What does this category actually mean?
A niche neobank is not a general product with different branding — it is built around one group's actual constraints, which is why these 23 exist alongside the 367 others. Audience tags come from what each product says it is for, verified against its own site.
Related
Neobanks for gen z and students (8) · Neobanks for kids and family (7) · Neobanks for small businesses and startups (30) · Neobanks for freelancers and creators (14) · Neobanks for immigrants and migrants (8) · Faith-based and Islamic neobanks (7) · Neobanks for travel and digital nomads (10)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.