This research is an attempt to examine the reasons behind un- banking in under developing economy particularly in Pakistan. For this purpose, qualitative approach called summative content analysis approach is used and 36 interviews with banked, under banked and unbanked populace are incorporated. The study finds that lack of education, trust on bank/banker, volatile situation in city/country, accessibility/convenience, infrastructure, interest rate in terms of religious exclusion and financial benefits, high cost associated with opening and maintaining an account, lack of facility of online payment via debit card/ATM, lack of money, nemployment, government regulations, branch banking, convenience and some other factors are the general reasons for un-banking in Pakistan. However, the study concludes that main factors; convenience, cost and security are the major reasons for un-banking in Pakistan. After concluding this research authors suggested financial institutions should increase number of access points/centres. Give more authorisations to financial centres, and Promote financial awareness.