Questions arise: (1) Can we trust banks as we witnessed them crumbled a couple years ago? The person who invented the concepts of the bank is a genius. It's such an elaborate scheme if you really think about it. And how they can coerce people into giving them billions when they messed up big time, that's even more diabolically genius. (2) Mobile technology isn't accessible nor affordable for the poor. It will be few years until the mobile technology becomes affordable.
The infrastructures of mobile technology is costly. Imagine in some developing regions where paved roadways are scarce and the major transportation method is foot. Jumping towards mobile technology is like shooting for the moon walk. But never underestimate the power of greedy capitalism. As long as there are juicy meats, flies will come hovering.
In order for mobile banking tangible it will require a lot of mobile companies' investments as well as local legislators' efforts plus time until the infrastructures are well developed. Cell towers cost money. Transactions cost money. Banks tell you to put your hard earned money in their savings accounts. Ironically they went bankrupt and even more miraculously got bailed out. Who bails out the poor?
Many adhered to logically flawed system without conscious thinking. All creatures are flawed in their own designs. Richard Feynman said it the best "Our responsibility is to learn what we can, improve the solutions and pass them on." In the mean time, we keep the hope that we are on the right track of making a positive change. It would be great to hear more on the logistics follow-ups from The Bill & Melinda Gates Foundation.
