Financial Services (105)
Finance fights poverty
Microcredit is the extension of very small loans (microloans) exclusively for women in poverty, with the goal of helping them cultivate business skills and entrepreneurship. Microcredit is a part of microfinace, which provides a wide range of financial services to the very poor.
Why it matters
Microcredit combines economically viable future growth for finance companies with a social benefit in the fight against poverty. Is this another example of how social causes can become an integral part of business practice?
The US bank Citibank has developed a smartphone app which enables clients to block their credit card with their smartphone in case of loss. They can also unblock their card if it turns out not to be lost.
The clever students at the MIT Media Lab have created Proverbial Wallets – digitally enhanced wallets designed to guide your spending habits. Using Bluetooth technology, the wallet collects your financial data and measures your spending. The wallet then swells and shrinks to reflect your bank balance. It also has the ability to lock if you reach your monthly budget.