The financial system is changing at a rapid pace, yet in many developing countries there are few banking options and people are forced to hide their money in secret places where it deteriorates because of inflation. However, mobile phones are very common in developing countries and new businesses are figuring out ways to leverage mobile technology and set up micro banking platforms. One such platform is Vumi, a company that turns currency into cell phone minutes, which can easily be transferred, to say a friend or relative, or easily turned back into hard currency. Stellar is another such platform and they leverage open source protocols in order to make money transferring easier and have also created their own currency that can be traded into any fiat, digital or notional (like cell phone minutes) currencies.
Mobile platforms bring banking to developing countries
More of Today's Solutions
Student Makers, a deeper dive: bringing free STEM to students on three contin...
BY THE OPTIMIST DAILY EDITORIAL TEAM This article kicks off The Optimist Daily's Local Changemakers 2026 series, spotlighting changemakers 30 and under. It was ...
Read MoreMeet Vivian Ho: the 17-year-old who built a supply network around dignity, no...
BY THE OPTIMIST DAILY EDITORIAL TEAM This article is part of The Optimist Daily's Local Changemakers 2026 series, spotlighting changemakers 30 and under. Most ...
Read MoreSperm-sorting tech identifies strongest swimmers to help couples conceive
In-vitro fertilization is certainly a potential avenue for couples who are having problems conceiving a child due to low-quality sperm. However, the unfortunate fact of the matter is that ...
Read MoreHow one Maine school is helping students heal in nature
BY THE OPTIMIST DAILY EDITORIAL TEAM At Morse High School in Bath, Maine, detention doesn’t always mean fluorescent lights and silent classrooms. Thanks to ...
Read More
