Basic banking facilities are key to financial planning and control over life.
Most importantly, having a bank account gives control over money earned which is enormously important for the poor people who are subjected to begging gangs who take all their money at the end of the day for a very undernourished plate of food. This is related to the problem of forced begging which is rampant in developing and under developed countries.
More importantly for women, their earnings are often taken by the husband and his family and they have no control over their money (freedom) in many developing countries. This leads to modern day slavery and hence having a bank account or some form of financial control where cash is not physically present is enormously important.
Social Example is developing powerful new technologies to give the poor people, especially women the control over their money.
We also observed that he poor people often do not know how to spend money in their best interests. They use it on drugs and alcohol which have a negative impact on their health and therefore on their employment and family. This leads to a viscous cycle and poverty continues.
Every cent you donate MUST have a proper use and our technologies enable just that.
Finally, money in a financial system generates interest and also tends to accumulate for old age and this is of vital importance in countries which have no social security systems.
Social Example financial innovation is one of our most exciting areas of work and we will update everyone who is part of our newsletter family.