Copy this idea!!!

Is there anything that Africa can teach to the developing world? Well, the answer is firmly affirmative. Its most innovative invention, mobile banking, which is revolutionising some part of the continent while many developing countries are yet to reap the real benefits of it.

For ages, majority of African remained deprived from banking facilities as banks found it too difficult and expensive to set up branches in poverty-stricken and conflict hit rural Africa. In such circumstances, mobile banking or M-banking, the first cell to cell cash transfer service for people who lack access to conventional banking comes as a messiah. It’s not only serving the ‘unbanked’ poor Africans, but also is far cheaper than traditional banking system. In South Africa, a start-up company called WIZZIT has pioneered this concept. Account holders of this virtual bank can not only make transactions form their mobile phones but are also given debit cards to take money out from any ATM whatsoever.

In countries like India, where more than 50% of the populace don’t yet have access to banking and remain easy prey for money lenders, it makes more sense to borrow this concept from Africa than to let the rural lot rot in debt trap. It’s an idea worth copying. So what if it emanated from our poorer brothers?