UW computer scientists to make financial products better and more available for the poor
In Kenya, the ease of transferring money via mobile phone has increased incomes in rural areas, enabled small businesses to thrive and reshaped the country’s economy.
Thanks to this mobile money revolution, a taxi driver working in Nairobi can give a local merchant $50 in wages and the cell phone number of his wife in the family’s home village. The wife gets a text message, then goes to a rural merchant who either immediately gives her $48, or distributes some portion of the wages and keeps the rest for her in savings. (more…)