Bill and Melinda Gates have shared their annual letter, which claims that mobile and digital banking will play a key role in helping the poor in coming years.
The co-founders of the Gates Foundation released the letter on Friday, predicting that the next fifteen years would see the fastest improvement of poor people’s lives in history due to advances in a range of sectors.
The couple singled out mobile banking as one of the technologies that would drive this change, drawing attention to the difficulties the poor currently face in managing financial transactions.
«The reason poor people face these agonizing choices is not just that they don’t have enough assets. They also don’t have access to a bank to help them use their assets effectively. If their savings are in the form of jewelry or livestock, for example, they can’t very well chip off tiny pieces to cover routine daily expenses.» The letter stated.