What do you think?
Rate this book
Financial Inclusion at the Bottom of the Pyramid
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.
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.
- GenresNonfiction
258 pages, Kindle Edition
First published July 14, 2015
26 people are currently reading
116 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 9 of 9 reviews
November 20, 2015
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, payday loan owners are 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 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 here. 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.
I was given a free copy of this book from Netgalley to read and give my honest review.
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, payday loan owners are 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 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 here. 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.
I was given a free copy of this book from Netgalley to read and give my honest review.
January 13, 2019
Really great read on why the poorest 2.5B-3B people are underserved by the current financial systems in place in society and what barriers they face to being served by them. The author takes it a step further and then highlights innovative solutions to solving this problem from around the world.
Overall a really good, eye-opening read if you've never lived outside the U.S. Particularly inspirational if you're interested in the fintech space at all, with an eye towards social impact / helping lower-income individuals.
Overall a really good, eye-opening read if you've never lived outside the U.S. Particularly inspirational if you're interested in the fintech space at all, with an eye towards social impact / helping lower-income individuals.
Read
September 4, 2023"Innovative FinTech Solution for General Financing: How Andersen Can Help Your Business?" is a thought-provoking article that addresses the pressing issue of financial exclusion and insecurity faced by billions of people worldwide. In an era where technology has revolutionized communication and connectivity, the authors present a compelling argument for leveraging these advancements to provide innovative financial services to the unbanked and underserved populations.
And this book begins by highlighting the stark reality of a significant portion of the global population living as "Financial nomads," disconnected from traditional banking services. While the privileged few enjoy the benefits of financial security, others find themselves at the base of a metaphorical pyramid, struggling to access basic financial resources. This portrayal of the existing financial landscape sets the stage for the authors' exploration of how technology can bridge this gap and foster financial inclusion for all.
Mehta and Realini's vision for a better world is inspirational. They firmly believe that with the right approach and utilization of innovative financial technology, financial inclusion can become a reality. Their book serves as a blueprint, outlining practical strategies and solutions to achieve this ambitious goal. By harnessing the power of FinTech, they propose a path towards empowering individuals and businesses, regardless of their socio-economic backgrounds, with access to financial services and opportunities.
And this book begins by highlighting the stark reality of a significant portion of the global population living as "Financial nomads," disconnected from traditional banking services. While the privileged few enjoy the benefits of financial security, others find themselves at the base of a metaphorical pyramid, struggling to access basic financial resources. This portrayal of the existing financial landscape sets the stage for the authors' exploration of how technology can bridge this gap and foster financial inclusion for all.
Mehta and Realini's vision for a better world is inspirational. They firmly believe that with the right approach and utilization of innovative financial technology, financial inclusion can become a reality. Their book serves as a blueprint, outlining practical strategies and solutions to achieve this ambitious goal. By harnessing the power of FinTech, they propose a path towards empowering individuals and businesses, regardless of their socio-economic backgrounds, with access to financial services and opportunities.
January 14, 2018
Good overview of players in the space
I appreciated all the different examples of companies working on financial inclusion! At times I felt certain parts were repetitive, but maybe that's helpful for recall. I wish there was an index of her examples to easily refer back to when looking for inspiration.
I appreciated all the different examples of companies working on financial inclusion! At times I felt certain parts were repetitive, but maybe that's helpful for recall. I wish there was an index of her examples to easily refer back to when looking for inspiration.
September 17, 2015
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.
Autamme.com
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.
Autamme.com
November 24, 2020
Poor Economics by Bannerjee and Duflo for Dummies. If you're thinking of reading this book then Bannerjee, Duflo, and Yunus all seem to have revised their initial position on the benevolence of MFIs (Microfinancing Institutions) and you'd be better off reading their work outlining how that's a fool's errand.
Furthermore, I feel like this book is exactly the kind of MarketWorld-friendly work that Anand Giridhardas speaks against.
Furthermore, I feel like this book is exactly the kind of MarketWorld-friendly work that Anand Giridhardas speaks against.
September 17, 2015
What a great read about emerging markets and financial inclusion! Its a must read for anyone who wants to know what innovative solutions around the world are working, and why!
August 15, 2016
insightful overview on the role financial technology plays in helping to eradicate poverty
May 31, 2023
Lots of interesting detail about solutions and companies helping the underbanked. Worth a second read.
Displaying 1 - 9 of 9 reviews