In recent years, the banking and finance industries have not done a lot to earn the trust of consumers in the West. But in poor countries, basic financial services can be transformative. Even in today’s wired world, many people still stash cash under the mattress, where inflation erodes it away. When they want to send money, they have to find a way to physically transport it. Loans are doled out in bundles or envelopes from moneylenders, at exorbitant rates. Emergencies or unforeseen circumstances can drive a family into penury.
In recent years, the banking and finance industries have not done a lot to earn the trust of consumers in the West. But in poor countries, basic financial services can be transformative.
Even in today’s wired world, many people still stash cash under the mattress, where inflation erodes it away. When they want to send money, they have to find a way to physically transport it. Loans are doled out in bundles or envelopes from moneylenders, at exorbitant rates. Emergencies or unforeseen circumstances can drive a family into penury.
Excerpt from:
People In Developing World Use Paperless Platforms To Get Loans, Build Credit
