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Information and Communication Technologies

The Value of Connected Savings

Daniel Radcliffe's picture

The business case for low-balance savings is tough, as the margin on float may not amount to much. In much of South Asia, the economics of savings for the poor has been buttressed by microcredit – the notion that the account anchors the customer relationship and the loan gives it profitability. But financial inclusion premised on credit is always going to leave some people behind: those who do not feel like credit is the right financial tool for them or who simply do not have the ability to commit to future payment streams.

A new vision is emerging around integrating the savings proposition into a broader payments network. Offering “connected savings” accounts rather than stand-alone accounts helps the economics of low-balance savings in three ways:

Open Forum: Have Your Say on Development!

Joe Qian's picture

World Bank Open Forum worldbank.org/openforum

World Bank Open Forum: On October 7-8, the world's financial leaders will be in Washington, D.C., working together to find solutions to the most pressing issues in the wake of the financial crisis. You're invited to join this online event featuring live-webcasts of expert discussions, special announcements, and a 24-hour global chat forum on three key issues: open data and development solutions, global job creation, and major development challenges.

Have Librarians Missed the Bus?

Dilinika Peiris's picture
Photo Courtesy of Sri Lanka Library Association (SLLA)

As the Sri Lanka Library Association celebrates its Golden Jubilee this year, it’s time for us to reflect on the contributions of the Library and Information professionals to the development of Sri Lanka. At the same time, given the explosion in the sheer amount and sources of information now available especially through the internet, I found myself asking; do librarians have a role in the digital world? How are they adapting to this change? And are organizations and policymakers still making effective use of their knowledge and expertise while making decisions?

A recent Sunday Island piece captures the challenges and exciting opportunities that Librarians face in Sri Lanka today; I agree with them that with the expansion of information and sources, professional assistance is vital to identify trusted and accurate information. As a result, we should more actively recognize and involve Library and Information professionals as partners in policy consultations and working groups.

Is South Asia Moving Up?

Dipak Dasgupta's picture

The food, fuel, and financial crises during the last three years sent shockwaves throughout the world and its effects rippled across South Asia. It impacted growth, causing a reduction of growth by nearly 3% from the peak of 8.9% in 2007 to 6.3% in 2009, led to job losses, declines in stock market value, decreases in tourism, and increasing pressures on already weak fiscal, balance of payments, reserves and exchange rates.

I was based in New Delhi during the crisis, and the effects were palpable. For a moment, it looked as if confidence was ebbing---the construction cranes in Gurgaon (the fastest-growing township around Delhi) became silent, a young scholar at Delhi University ran a survey of what graduates might do as job markets became difficult, airlines ran half-empty and racked-up massive losses, jobs were lost heavily in diamond-cutting in Gujarat and IT firms stopped hiring in Bangalore, and people paused to consider the implications of such a dramatic change from the accelerating and heady growth of the previous years. But despite the circumstances, and thanks to strong and prompt government actions, confidence has swiftly returned, the region has proven to be quite resilient and a noticeable resurgence has taken hold.

Connecting Youth Around the World

Joe Qian's picture

“It’s simply about being human: creating, sharing, consuming ideas.”

In marketing courses, we learned that youth in different countries around the world often share more similarities with one another in their tastes, preferences, and decision making processes than they often do with older generations within their own respective countries.

Accessing the connectivity revolution for education

Michael Foley's picture
Click here to view Full Resolution Map

One could say that by being connected to the rest of the academic world through an NREN your isolation from research projects, high cost lab equipment, and world-class leading edge knowledge will disappear. If you are a physicist you can contemplate joining research teams using the Large Halidron Collider in CERN in Switzerland, an astronomer can manipulate in real time a telescope in Chile or access the data from radio telescopes, a medic can join in high definition seminars on advanced techniques in surgery or remote diagnostics, climate specialists can access and provide data to disaster management databases, an economist can access and contribute to economic modeling resources, and everyone can gain access to the thousands of on-line specialist journals.

A revolution in connectivity for education coming your way

Michael Foley's picture
Photo Courtesy of Dante

When Jim Wolfensohn, then President of the World Bank, sent me to Kabul in early 2002, just after the fall of the Taliban, in order to set up the first GDLN center in Afghanistan, the main challenge was to find decent Internet connectivity. In the end we had to set up our own satellite connection back to the World Bank in Washington DC. The same happened in Sri Lanka. How things have changed in South Asia.

For a long time, universities in the region had to rely on high cost, low speed, satellite based services to bring Internet access to its faculty and students, but that situation is changing rapidly. Led by the Higher Education Commission (HEC) in Pakistan and more recently by the National Knowledge Commission in India, and by a host of other programs in other countries, educational institutions across the region are building or rebuilding their networks, connecting to each other and to global networks with high speed fiber optic links that are set to revolutionize how we share knowledge and collaborate in research.

The Singaporean Economy: Lessons for Post War Sri Lanka

Chathurika Hettiarachichi's picture

“There was no secret, we had no choice but to take chance and sail into rough waters”- Lee Kuan Yew

Singapore is an inspiration to Sri Lanka and other developing countries in terms of economic development, political stability, and good governance. Since 1967, it has increased its per-capita purchasing power (PPP) 10-fold to $44,600 in 2007, surpassing countries such as Switzerland’s PPP ($37,300) in 2007. Singapore also has high demographic development compared to Sri Lanka even though both countries were about even in 1960s. The President, Lee Kuan Yew, navigated the Singaporean economy after gaining independence in 1965. With a population of over 5 million, Singapore maintains a market driven guided economy with diversity in cabinet and government.

What was their secret to success?

At independence in 1965, the economy was met with unemployment problems, an unskilled workforce, few entrepreneurs, no domestic savings, wretched housing conditions, militant labour unions and racial riots. They devised a strategic economic plan; developing entrepot (commercial) trading, export driven manufacturing, and then creating a service based knowledge economy.

India’s Vision for Technology and Financial Inclusion: Interview with Bindu Ananth of IFMR Trust

Jim Rosenberg's picture

Bindu Ananth is the President of IFMR Trust, which has a mission of ensuring that every individual and every enterprise in India has access to complete financial services. In pursuit of this, IFMR has made four key investments – IFMR Rural Finance (full service financial institutions for remote rural India), IFMR Capital (guarantee company for high-quality MFIs), IFMR Mezzanine (subordinated debt provider for emerging MFIs) and IFMR Ventures (debt access for rural enterprises).  Through these investments as well as other initiatives , IFMR Trust is advocating for an inclusive financial system in India. Recently I interviewed Bindu about how the financial system in India might be configured to deliver complete financial service access.

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