Bill Gates donates $12.5M to help poor spend their money
Summary
Bill Gates is backing a plan to help the world's poor to get bank accounts on mobile phones.
Topics
Under a new plan backed by the Bill and Melinda Gates Foundation, the former Microsoft CEO's charitable organization, the mobile industry will be given a kickstart to give those in the developing regions their first bank account--on their mobiles.
The Mobile Money for the Unbanked (MMU) scheme, also supported by mobile trade association the GSMA, aims to encourage operators and financial services companies to get mobile banking services out to the people who don't use bank accounts, as well as demonstrating the business case for doing so.
The project will see a $5 million fund set up to inspire the creation of mobile financial services for emerging markets and aims to back 20 banking projects mainly in Africa, Asia and Latin America.
The Bill and Melinda Gates Foundation has given a $12.5 million grant to the MMU scheme.
According to a recent report by analysts Juniper Research, 150 million people will be using mobile banking by 2011. The MMU project hopes to get 20 million people previously without bank accounts using mobile financial services by 2012.
This article was originally published on silicon.com.
Talkback Most Recent of 13 Talkback(s)
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And the benefit is?...
I don't understand what benefit there is to a "poor" person to have a bank account, other than to make it harder to steal than cash under a mattress or in a coffee can. The miracle of compound interest ain't gonna kick in at this level of investment.
Dorkyman18th Feb 2009 -
Banks make loans...
Loan require funding, I'll leave you to figure out the rest.
JoeMama_z18th Feb 2009 -
What good is a loan that you can't pay back?
Apparently Wall Street or the Guberment hasn't figured that one out either.
Hello, I make 20K a year, and therefore I should be able to afford a house that costs 200K. After all, it will only take 10 years to pay it off at this current rate.
nucrash19th Feb 2009 -
RE: Bill Gates donates $12.5M to help poor spend their money
I can see the advantage for the developing banking sectors, all those fees, penalties, and assessments. Why shouldn't the average African, Asian or South American citizen have the opportunity to over extend their credit and make exorbitant interest payments. This model has served us so well, the micro-loan system has proved to be quite successful, why reinvent and compete with on of the most successful financial programs in these developing areas.
Anasazi18th Feb 2009 -
Its BS or you could say :tax reduction.
In my country the mobile bank service is a fact, is way useless but still is a real service that you can use for free.
what's the "good and civilized white men" can bring us?, electricity, bibles (Mormon bibles), basketball or what?.
magallanes18th Feb 2009 -
Somehow, I think the problems encountered
by the people that this is supposed to help are a little bit lower on the Maslow's Triangle.
Gates is as odd in his choices here as those shown with Microsoft.
Some consultation with those who have a better grasp of what third world nations need might be in order.
High bandwidth - right.
chrome_slinky@...18th Feb 2009 -
RE: Bill Gates donates $12.5M to help poor spend their money
This is really a great JOB, on his part, Lot of people in this world suffering with lack of FOOD, Shelter and Education. If the denoted fund reaches to the needful, that the purpose the great man BILL GATES will fulfill. Serenely Lord Krishna bless him a lot.
Thanks a lot,
Harikishan, hkishan2@gmail.com.
kishan60918th Feb 2009 -
RE: Bill Gates donates $12.5M to help poor spend their money
well, this is a good job, i wish u 4 ur success.
fawzan_gee18th Feb 2009 -
There are poor in the USA too you know
We'll be the next 3rd world country.. you watch.
VoiceOfLogic19th Feb 2009 -
your article sucks and I do not understand the issues
I think your article sucks as it does not explain the benefits
or why he has funded this money - he is not an idiot in any
way - so WTF? is he doing and why?
xuzz20th Feb 2009 -
RE: Bill Gates donates $12.5M to help poor spend their money
I dont call anyone out on here as an idiot for not understanding it, because the author of this article actually did a poor job explaining it, perhaps they didnt understand it themselves? Anyways, if he could get 20 million more people to start bank acounts it helps the global economy. Not because they plan to give these people loans but the more people with money invested be it only $50 each in there account it still creates a lot of funding, thus helping the credit crisis and the global economy in general.
tomas delonge22nd Feb 2009 -
RE: Bill Gates donates $12.5M to help poor spend their money
Dear Bill,
I am Noman from Bangladesh. I know computer properly. But can't buy a computer for business I am a poor man. I belive that, if I buy a computer I can building my career for my family. Mobile- +8801728910995
nomansun25th Feb 2009 -
RE: Bill Gates donates $12.5M to help poor spend their money
Dear Sir,
I am a Bangladeshi citizen, but I am study at St.Theresa International College in Thiland. I am BBA of Marketing student and finished 9 Credit and study 18 credit ,this college is private. I am poor student ,so I haven?t dollar at the moment. My father died before 3 yrs ago and my mother died before 9 months ago ,I am now alone .Please help me, if you don?t help me, my study stop and my career buildup not continue. I really want my study continue please help me and now need $10,000.00 (Ten Thousand Dollar) only.
I am waiting for your responds .Below my mailing and account address.
Thanking You
Khandaker Jahid Sarwar
Saving Account Number- 692-0-05455-8
Krung Thai Bank Public Company Limited
Thiland.
Mailing Address :
St.Theresa International College.
1 Moo 6 Rangsit,Nakornnayok Rd,
Bungsan,Ongkarak,
Nakornnayok-26120
Thiland.
kjsarwar@yahoo.com
kjsarwar18th Jun 2009
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