11 Apr '11, 9am

Banking the Unbanked: How Savings Circles Can Help the Poor Build ...: The following open letter is a part of th...

Banking the Unbanked: How Savings Circles Can Help the Poor Build ...: The following open letter is a part of th...

We are MBA business students at Presidio Graduate School studying the financial activities of low-to-moderate income individuals; in particular, we are studying systemic barriers that prevent many people from directly participating in the formal economy. First, let us say that we appreciate all of the resources you have graciously extended to help us understand what the administration is doing to help the unbanked and underbanked transition into the financial mainstream. The cycle of poverty seems unbreakable if one cannot build savings or a credit history, and instead must rely on costly non-banking alternatives (such as payday loans and check-cashing services) as a primary means for financial transactions. Helping the unbanked move from the alternative financial sector into the financial mainstream requires that they are given access to formal savings vehicles which prov...

Full article: http://www.triplepundit.com/2011/04/banking-unbanked-savi...

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