Bill & Melinda Gates' next target: banking

[bemildred]

Banks are among the most hated institutions on the planet.

Yet Bill and Melinda Gates believe banking -- specifically the mobile variety -- can be the source of great good in the near future, helping to lift millions of people out of poverty.

In its annual letter published on Thursday, the Bill and Melinda Gates Foundation identified mobile banking as one of four exciting breakthroughs that will help improve the lives of people in poor countries faster in the next 15 years than at any other time in history.

"Mobile banking will help the poor transform their lives," the billionaire couple wrote in the letter.

http://money.cnn.com/2015/01/22/investing/bill-gates-mobile-banking/

"Let them eat cake."

[arcane1]

1. Wouldn't they need money first, before benefitting from banking w/their phone?

I understand how convenient it is but it seems odd to me.

"Digital banking will give the poor more control over their assets," the couple wrote.

Poor people have assets?

Maybe I'm cynical today, but this reads to me more like "poor people aren't paying monthly service charges, and that needs to stop!"

[bemildred]

2. I was thinking food, but money, yeah, they would need money.

I doubt Mr. Gates intends to hand out any cash to the anonymous poor.

[jwirr]

3. Wonder if they are talking about more outsourcing of banking? That is the only way that I can see

on line banking would help the poor.

[bemildred]

4. It's going to help poor Bill Gates, is what he means. nt

[Jefferson23]

5. I can't stand this guy, Gates..ack. He is full of it. n/t