Chicago (IL) - The Bill and Melinda Gates Foundation announced today a program that will expand the availability of financial services to the developing world through the use of mobile phones. The Mobile Money for the Unbanked (MMU) program, supported by a $12.5 million grant from the foundation, will work with mobile operators, banks, governments and other institutions to encourage "the expansion of reliable, affordable, mobile financial services to the unbanked."
According to the press release, there are over one billion people who have mobile phones, but do not have bank accounts. According to Rob Conway, CEO and Member of the Board of the GSMA:
The fund includes $5 million to "catalyse a new wave of mobile money innovation, encouraging mobile network operators to create new services for previously unbanked people in emerging markets." Approximately 20 projects will be supported in Africa, Asia and Latin America, with the goal being to reach 20 million previously unbanked people with mobile financial services by 2012.
Taken from the press release:
See the GSMA press release, or The Bill and Melinda Gates Foundation press release.
Opinion
While this might seem like a good thing, there is the potential that this is just another form of control over people who today exist outside of that control.
I recently saw a movie called Into the Wild, directed by Sean Penn. In this movie the main character had received his college degree, then he decided to leave society behind having been exposed through his education to the poverty seen in third world nations. His heart went out to the suffering and he decided to set out and live off the land, so to speak. At one point in the movie, he burned all of his money which looked to be a couple hundred dollars (the movie is based on true events which took place in 1992/1993). When he later told someone he had done this, they asked him why he would burn his security? He said, had he kept it he might've become too dependent on it and not lived life as he otherwise could've.
That movie ends with the young man dying because he ate some poison food, not understanding which foods were edible or inedible in a book he had. In essence, he died of ignorance. Still, the point he made there is quite valid, and the realization he came to (about no man living alone) is equally poignant. He just lacked the ability to carry it out before succumbing to side-effects from the poison potato plant he had eaten.
So to me the question is this: Are we, as an Earthly nation (the entirety of man), prepared to hand over all of our security to banking institutions? Or would be be better off to look toward one another, the crops the Earth grows, the realities of loving kindness found in our brothers and sisters to address, and the necessity of that connection to meet our needs?
It seems very clear to me that any time a banking interest gains influence over a nation, it's not long until that nation has been molded, shaped or directed into exactly what it is the bank owners want it to be -- and that typically means a better method of lining the banker's pockets with your money, and not the other way around. There's an interesting book on this concept by G. Edward Griffen's book. There may also be some online audio versions downloadable in MP3.
Of course, all of this is just my opinion. I could be wrong.
The opinions expressed in this commentary are solely those of the author.
According to the press release, there are over one billion people who have mobile phones, but do not have bank accounts. According to Rob Conway, CEO and Member of the Board of the GSMA:
"This represents a huge opportunity and mobile operators are perfectly placed to bring mobile financial services to this largely untapped consumer base. Based on the initial findings of research conducted with the microfinance centre CGAP and McKinsey & Company, we believe that mobile money for the unbanked has the potential to become a $5 billion market opportunity over the next three years."
The fund includes $5 million to "catalyse a new wave of mobile money innovation, encouraging mobile network operators to create new services for previously unbanked people in emerging markets." Approximately 20 projects will be supported in Africa, Asia and Latin America, with the goal being to reach 20 million previously unbanked people with mobile financial services by 2012.
Taken from the press release:
"Traditional financial services are often too costly and inconvenient for people who earn less than $2 a day to obtain, and too expensive for banks to provide," said Bob Christen, director of the Financial Services for the Poor initiative at the Bill & Melinda Gates Foundation. "Technology like mobile phones is making it possible to bring low-cost, high-quality financial services to millions of people in the developing world so they can manage life's risks and build financial security."
See the GSMA press release, or The Bill and Melinda Gates Foundation press release.
Opinion
While this might seem like a good thing, there is the potential that this is just another form of control over people who today exist outside of that control.
I recently saw a movie called Into the Wild, directed by Sean Penn. In this movie the main character had received his college degree, then he decided to leave society behind having been exposed through his education to the poverty seen in third world nations. His heart went out to the suffering and he decided to set out and live off the land, so to speak. At one point in the movie, he burned all of his money which looked to be a couple hundred dollars (the movie is based on true events which took place in 1992/1993). When he later told someone he had done this, they asked him why he would burn his security? He said, had he kept it he might've become too dependent on it and not lived life as he otherwise could've.
That movie ends with the young man dying because he ate some poison food, not understanding which foods were edible or inedible in a book he had. In essence, he died of ignorance. Still, the point he made there is quite valid, and the realization he came to (about no man living alone) is equally poignant. He just lacked the ability to carry it out before succumbing to side-effects from the poison potato plant he had eaten.
So to me the question is this: Are we, as an Earthly nation (the entirety of man), prepared to hand over all of our security to banking institutions? Or would be be better off to look toward one another, the crops the Earth grows, the realities of loving kindness found in our brothers and sisters to address, and the necessity of that connection to meet our needs?
It seems very clear to me that any time a banking interest gains influence over a nation, it's not long until that nation has been molded, shaped or directed into exactly what it is the bank owners want it to be -- and that typically means a better method of lining the banker's pockets with your money, and not the other way around. There's an interesting book on this concept by G. Edward Griffen's book. There may also be some online audio versions downloadable in MP3.
Of course, all of this is just my opinion. I could be wrong.
The opinions expressed in this commentary are solely those of the author.