Cellphone Banking Helping To Fight Poverty In India

An anonymous reader writes "Technology Review is running an in-depth story about the way cellphone banking is transforming the lives of many poor people in India. By enabling users to manage a legitimate bank account and finance micro-loans, cellphones are a major force of social and economic change. It's perhaps not surprising, given that despite widespread poverty, India has the world's fastest-growing cellphone market and the second largest number of cellphone users (after China). The article mentions one Indian start-up, mChek, that is thriving as a result. There's also an excellent video report."

Comments

Food, water, shelter not necessary. Nokia 6220!

[syousef]

This is ridiculous. You're arguing that selling people phones so that they can take out more loans when they can't afford to eat or shelter themselves is good for these people. Give me a break. These "microloans" aren't charity. They're good for the lenders, not the poor. The reality is that the phones are just one more expense to pay off, and the interest on the micro-loan is yet another.