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Financial Inclusion at the Bottom of the Pyramid, by Carol Realini, Karl Mehta
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As incredible as it may seem in this hyper-connected, technologically advanced era, half the planet's population exist as financial nomads: those who nourish and shelter themselves without using traditional banking services. While the wealthy live at the top of a metaphorical pyramid, taking financial security and banking services for granted, there are billions of people who struggle at the pyramid's base in an exhausting state of financial exclusion and insecurity. Times are changing rapidly, but despite global uncertainty, technology has the capacity to reach and equip people in all walks of life. Advances in communications have reconfigured the ease with which we interact with our money and these advances can provide innovative financial services to the unbanked and underserved around the world. Financial inclusion for all is indeed within our reach, and with this conviction, authors Karl Mehta and Carol Realini propose a vision for a better world and a blueprint to get there.
- Sales Rank: #98810 in Audible
- Published on: 2015-11-30
- Format: Unabridged
- Original language: English
- Running time: 476 minutes
Most helpful customer reviews
1 of 1 people found the following review helpful.
Good
By Autamme_dot_com
Despite all the recent technological changes in the world, are things getting better for everybody? Many people are seeing large improvements in their standard of living when compared to their previous situation, even though on a first-world comparison it may still be relatively small. A lot of people still have it bad and are languishing at the bottom of the pyramid, standing on the lowest rung of the ladder.
This book takes a look at this large part of the world’s population and considers how they handle their money. Here technology is making inroads. If you have access to a mobile phone, you can do a lot more compared to people just one generation ago, often for a significantly lower price. When you don’t have a lot of money, even sending a little to someone else can cost a lot, representing a much larger share of a little bit, thanks to banks and middlemen all wanting their cut. When you don’t have a lot, you don’t necessarily have a lot of choice nor can shop around. It can really be “take it or leave it” territory.
Credit must be given to the authors for producing a book that does not compromise its intellectual quality, whilst remaining easy-to-read and engaging. It is suitable for a general, curious reader as well as the more involved professional or academic who may have different needs and expectations. The authors have resisted the temptation to overly “point fingers” or campaign for change; the stories can talk for themselves and the solutions being deployed do not need any hype.
The problem is not isolated to a few people in a few countries. As the authors note: “In the world today, over two and a half billion people who earn wages and support families do not use a formally recognized financial services provider. They are cut off from the institutional services that the wealthy take for granted. For them, the world of old finance is like an Aztec pyramid: broad at the base, with a set of steep stairs ascending to the sacred temple at the top. Not everyone can access the riches and opportunities that lie at the top of the pyramid. The stairs are too steep and the price of admission is too high. These billions of people live at the bottom of the pyramid. They do the best they can to find shelter, support their families, run their small businesses, and conduct their financial affairs without the benefit of safe and reliable institutional financial services. They are the financial nomads. They live from day to day, and they climb the steep stairs of the pyramid to use institutional financial services only when they are able or when they have no other choice. This can create a downward spiral due to steep prices, penalty fees, and escalating costs of short-term credit. Because of bad experiences or foreknowledge of the high costs, they avoid the pyramid, and use only cash or patronize the world of alternative financial services—the world of loan sharks and payday loans.”
It hardly feels great does it? In the first world we may not give a second thought to pressing “buy” on Amazon.com for a book we want (such as this?), until the credit card bill comes in. Need a coffee? Wave your iPhone at a card reader in Starbucks and job done. On the other side of the world, not only would the scale of these transactions exceed a person’s daily if not weekly income, but also the flexibility to even consider doing this doesn’t exist. Problems also exist in first-world countries, with people paying disproportionately more, often living week-to-week on revolving credit and paying through the nose for the privilege. It is just they are at the bottom of another pyramid; they are in the same lowly position, looking upwards.
In the book the authors look at how the pyramid and its problems can be reformed and redesigned. Technology will help democratise this process. Of course, those with a lot to lose will hardly stand idly by and watch as their “cash cows” are slaughtered. Change is coming; some things will change with a massive wave, some things will take a bit longer, but change they will. Reading this excellent book will make you better informed and maybe even make you want to inspire and embrace the inevitable.
You should be depressed reading the book, yet it offers hope and shows positive change. It doesn’t mean you shouldn’t care, but it gives hope.
1 of 1 people found the following review helpful.
In a nutshell: why it's expensive to be poor in the United States and what other countries are doing about it.
By Jill Baker
I was completely taken aback by the abundance of knowledge I learned from this read. I learned how appalling it is that the same banking resources that are available in many communities are not available in all, leaving those without access to rely on expensive resources: check into cash centers that charge an outrageous fee to cash a check, money orders for paying bills that do not accept cash, and electronic transfers to families in other parts of the world. All of these fees add up to a large portion of one's disposable income, leaving little left behind to make ends meet or even save a few dollars.
Realini introduces what other countries are doing to help the exchange of money electronically without requiring extra equipment or resources beyond what is easily accessible- and what many folks already have, e.g. a cell phone. Both the economic stimulus and personal savings through electronic transactions versus cash exchange are enormous. I had no idea that other countries allow one person to send money to another person at the cost of a few cents for the sender and recipient while our system charges exorbitant fees.
Read this book for an eye-opening perspective on what life without a checking account would be like- or even not knowing how old you. Trust me that your chin will drop a few times.
Something has got to give with our system.
I received a few copies of this book in exchange for an honest review.
3 of 4 people found the following review helpful.
Change is now. This book shows the way!
By C M Anderson
I could not just read this very clear and concise book by Carol Realini and Karl Mehta. I was studying it and taking notes. Finally, someone explains why so many people are financial nomads. Also, not everyone has choices in developing countries. The authors are explaining the innovative ways things are changing with mobile communications all over the world.
I love the section on "Measuring the Cost of Being a Financial Nomad". It affects every sector of the world. South Dakotans, of which I am one, are currently doing battle over payday loans. There is a business owner who is trying to get enough petitions to take this to a vote: to cap the payday loans at 36%. Supposedly, at least one payday loan owner is paying homeless people to harass the cafe owner and his customers.
The local evening news picked up the story. The very next day, people from all walks of life banded together, lined up at his cafe to support him. His food sold out in two hours, yet people kept coming to sign the petitions. That gave me goosebumps after reading this book. I witnessed the innovation in action. It is absolutely breathtaking.
Carol and Karl said it is very innovative. It is exciting and uplifting to see their hard work being realized. This book is for anyone interested in lifting others up, building healthy economies, and feeling good about our future. I am going to read this book over and over again. The future is now. We should know about the mobile communications pioneers so that we can see where we are going. It is so exciting.
I was given a free copy of this book from Netgalley to read and give my honest review.
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