Friday, March 13, 2009

Defeating poverty

So why am I so passionate about mobile banking? I find the technology fascinating and the complexity of helping to set up a working eco-system will aways enthral me. Yet, I honestly believe that we can help to ultimately defeat poverty by means of mobile banking. And this is what really excites me.

What is it that mobile phones bring that can make this dream possible? It is immediate feedback. Mobile phones in the hand of a consumer is the only way that the system can give immediate feedback to some-one spending money. It is my opinion that a lack of financial skills (how to budget, how to control spending and how to save) sits at the heart of the poverty problem that we have on here on earth where we live. If we are not able to teach people these skills, we will always sit with the problem of poverty

By utilising the ubiquity of mobile phones it is possible to develop education mechanisms with immediate feedback that could teach people basic financial skills. In this way it may be conceivably possible that we ultimately defeat poverty.

1 comment:

yalkal said...

Your comment makes sense.
I have never understood why banks did not deliver these type of services through the internet channel already.

The lack of innovation in the banking industry just make it such an interesting area for start-ups!

In terms of fighting poverty, isn' t the combination of mobile banking with Microfinance services even more powerfull?

What do you think about it? I have heard that South Africa was really dynamic in the area...