"I love that you've brought this to attention. An extensive database of uncommon but resistant and hardy plants/foods could be developed and organized by climate. Ease of growth and processing should also be taken in to account. I will try to…"
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IMAGINE5: A bankless economy
A city in west Africa is trying a radical experiment. What if we no longer had banks? What if there was no such thing as a checking account, a credit card, or a money order? What if all you had is your phone?
That's what's happening. A surprising portion—half—of the world does not have any access to formal financial services. An example given in report talks about an Indian woman named Nandini:
Nandini, a village woman in India who deposits 5 rupees every day for 220 days with her village deposit collector, only acc**ulates 1000 rupees after 220 days--an astonishing APR of minus 30%, notes Stuart Rutherford in his book "The Poor and Their Money." If Nandini had access to a simple bank savings account that paid a modest interest rate of 4% per annum, she would have instead saved 1113 rupees.
A new project aims to prevent this situation. A mobile phone company has started a "virtual bank", allowing anyone with a mobile phone—which have a much higher penetration in most countries than banks—to save money by depositing money at any location where they can buy a mobile phone top up. The phone then acts as a bank card, allowing people to pay using their phone. They can also cash out any of their balance at any bank, ATM, or major store. The deposited money earns a modest 1.5%, but it's an improvement on 0, or even negative rates.
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Comment by Julio Cesar Corona Ortega on May 2, 2010 at 3:33am
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Interesting.
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