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jerryking : low-wage   1

Do Believe the Hype - NYTimes.com
Nov. 2, 2010 |NYT| Tom FRIEDMAN..."the single most important
trend in the world today: globalization — the distn of cheap tools of
comm. & innovation that are wiring together the world’s citizens,
govts., biz, terrorists — is going to a whole new level."....EKO India
Fin Services' founders, Abhishek & Abhinav Sinha , began with an
insight — that low-wage migrant workers flocking to Delhi from poorer
states like Bihar had no place to put their savings & no secure way
to remit $ home to their families. India has relatively few bank
branches for a country its size, so many migrants stuff $ in their
mattresses or send $ home through traditional “hawala,” or hand-to-hand
networks...The brothers' idea: In every neighborhood there’s a
mom-and-pop kiosk selling drinks, cigs, candy & groceries. Why not
turn each one into a virtual bank? They created a s/ware prgrm allowing
a migrant in Delhi using his cellphone, & proof of identity, to
open a bank acct. registered on his cellphone txt system.
India  entrepreneurship  start_ups  Tom_Friedman  banking  mobile_phones  low-wage  globalization  flat_world  insights  text_messages  urbanization  remittances  microfinance  fin-tech  underserved  unbanked  kiosks  neighbourhoods  internal_migration  mom-and-pop  the_single_most_important 
november 2010 by jerryking

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