Cell phone banking could lift Africa’s farmers
You might have a few dollars in your wallet, but chances are most of the money you spend is through your credit or debit card. The cashless system we’ve grown accustomed to across North America, offers consumers instant access to products and services – giving us the freedom to buy whatever we want whenever we want it. Much of the developing world still relies solely on cash and barter transactions.
But now entrepreneurs in Africa are pioneering a remote electronic money network for the continent’s “unbanked” rural people, allowing customers to use their cell phones like a debit card. Investing in this social entrepreneurship could bring prosperity to markets that need it most.
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