This 60 Minutes interview details how a Cellphone Company in Kenya circumvented the nation's Central Banking System to help out the poor and is now becoming the greatest force for good in a 3rd World Nation. And believe it or not, it's not through cryptocurrency but old cell phones.
Like many poor nations, it's hard for someone to send money to their families. Many have no bank accounts and if they try to send cash it disappears. So SafariComm decided to become like a bank and allow their cellphone users to deposit money and send/receive cash through their cellphones. They now call this cellphone currency "M-Pesa" and tons of stores around Kenya accept it as payment.
Now the poor can safely transfer money, develop a credit history, and get micro-loans without needing a bank. The video goes on to tell that the US Banking industry is blocking this kind of technology from our borders.
But it does beg the question of do we need cryptocurrency to accept and receive payment?
Are there companies with simpler technologies that can do the same thing!
Would love to get your thoughts.