Financial Capability Building: Mobile Money as an Intervention Going to Scale. Feb. 22, 2018 #MacroSW Chat
We’re pleased to have our @UBSSW faculty member Dr. Nadine (Shaanta) Murshid as the guest expert on this chat – hope you all can join us!
Imagine you are a woman who begins to work in a garment factory in Dhaka, Bangladesh. You have never received a paycheck or hourly wages for your labor before you were hired for this job. You have never had a banking account. You have minimal financial literacy, such as the knowledge and skills to manage monetary resources effectively, and to make informed financial decisions. You do not know English, the international language of banking and finance. You lack basic information and communications technology. Now what?
Enter the introduction of mobile money: the use of a basic cell phone- not a smart phone – as a technology that addresses the need for banking services for the previously unbanked. It is a method to store, withdraw and transfer money. This innovation was adopted and spread very quickly in Bangladesh, with buy-in from the World Bank and major banking institutions. Read more