Sunday, November 13, 2005

The hidden wealth of the rural poor

According to this news:

Financial services are at last spreading from the rich to the developing world—and even making money. In rich countries, financial services on the whole work remarkably well, despite the exotic salaries, the crackpot deals and the occasional bust. By contrast, financial services for poor people in developing countries—a business known as “microfinance”—have mostly been awful or absent so far.

At present, nobody knows how many institutions are providing microfinance in some form, but the number is certainly increasing. They are growing fast and serving a vast number of people in absolute terms, although still only a small proportion of the billions who earn only a few cents a day. Local banking giants that used to ignore the poor, such as Ecuador's Bank Pichincha and India's ICICI, are now entering the market. Even more strikingly, some of the world's biggest and wealthiest banks, including Citigroup, Deutsche Bank, Commerzbank, HSBC, ING and ABN Amro, are dipping their toes into the water.
OSP India Information Security Private Limited (OSP Global, LLC)

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