eBanking for the rural poor

Strange but true: one of the things we learned on the Ndiyo Project from our project in Bangladesh is that the people who may have most to gain from electronic banking are the rural poor of the developing world. David Talbot has an interesting post in Tech Review which illustrates this.

Kasaghatta, India: It’s a 90-minute walk from this southern Indian village–one of 730,000 in India–to Doddabenavengala, the nearest town with a bank branch. Until a few months ago, Karehanumaiah, a 55-year-old agricultural laborer, had no bank account, which also meant he had no access to formal credit. (He would have to pay 10 percent monthly interest to informal lenders to, say, borrow $45 to buy a goat.) But that all changed in recent months…

Video here.