What Kenya can teach its neighbors — and the US — about improving the lives of the “unbanked”

From Kelsey Piper / Vox: Mobile banking in Kenya has increased economic mobility for families living in poverty. The mobile money system is not connected to bank accounts, making it accessible to the overwhelming majority of Kenyans who don’t have bank accounts but do have cell phones. Mobile banking allows deposits and withdrawals as well as transfers, and has allowed families to save money to use when their income, often from farming, takes a hit thus creating a security net for themselves and allowing them to receive funds from friends and family. Savings allow families to meet basic needs and access medical care if necessary.

Read the original story here.

Issue Areas:

Financial Institutions, Poverty Reduction Measures, Public Banking, Technology

Impact Areas:

Equity

Actors:

Lending, Banking, and Financial Institutions, Workers / Labor Unions

Communities Served:

Communities Experiencing Economic Hardship, Rural Communities, Workers

Strategies:

Collective Action, Designing Culturally Specific Solutions

Success Factors:

Building Distribution Systems, Eliminating Barriers, Empowering People, Expanding Access, Leveraging Technology, Meeting People Where They Are At, Overcoming the Big Challenges, Using A Comprehensive Approach

Geographic Region:

Africa

Countries:

Kenya

Date:

September 11, 2020

More Resources:

Conversation with Romain Vakilitabar

Romain Sepehr Vakilitabar is the founder of Pathos Labs, a non-profit laboratory focused on exploring ways in which entertainment and media can rewrite harmful narratives and change culture. One such project is PopShift, an initiative that convenes Hollywood’s leading TV...

Conversation with Deepa Iyer

Deepa Iyer is the co-founder of Ayeko Farms, an initiative focused on sustainable agriculture and building community resilience through farming practices. She works to promote environmental sustainability and social equity by fostering deeper connections between communities and the land. Deepa...

What if debt was written off to protect climate and nature?

From India Bourke / BBC: Debt-for-nature or debt-for-climate swaps are financial tools that allow indebted countries to refinance their debt and use the money saved to restore ecosystems and build environmental resilience. Ecuador, with the help of Credit-Suisse and the...

Conversation with Allison Duettmann

Allison Duettmann is the president and CEO of Foresight Institute. She directs the Intelligent Cooperation, Molecular Machines, Biotech & Health Extension, Neurotech, and Space Programs, Fellowships, Prizes, and Tech Trees, and shares this work with the public. She founded Existentialhope.com,...

Universal basic income transfers better than subsidies; Madhya Pradesh model shows improvement in living standards

From Sunil Jain / The Financial Express: SEWA-INBI pilots a basic universal income program for two villages in Madhya Pradesh. These funds enabled residents to pay for facilities and electricity in their homes, buy better cooking fuel, increase the weight...

This is what one of the world’s largest experiments in basic income looks like

From Meaghan Tobin and Márvio Dos Anjos / Rest of World: Mumbuca is a digital currency used in Maricà’s basic income program. Residents, with few eligibility requirements, can qualify for a monthly stipend to purchase goods and services using a...