Financial inclusion a problem we can and should solve today.

I've never been a person who reads fiction on holiday. I think this stems from my neurodiversity and inability to switch off even when on holiday. For as long as I can remember I've had a desire to learn and consume knowledge that I can use for some practical purpose. I believe this comes from being the daughter of an engineer. Plus, I'm sure somewhere in my DNA (plus the hours I spent watching my dad always working to solve problems at home or just for fun in his workshop, means this is hard wired into me. I can't just sit - my happiest times are consuming information or working on figuring things out.

So, I thought I'd share some of my thoughts on one of the books I picked before heading out on "holiday" to help with my research I'm doing on mobile money and financial inclusion for the MENA region.

"Money at the Margins: Global Perspectives on Technology, Financial Inclusion, and Design" is a comprehensive anthology edited by Bill Maurer, Smoki Mubarak, and Ivan V. Small that explores the multifaceted nature of money in marginalised communities and informal economies. https://www.amazon.es/Money-Margins-Perspectives-Technology-Financial/dp/1789200482

This book is written by some serious brain power. Bill Maurer is Dean of Social Sciences and Professor of Anthropology and Law, University of California, Irvine. He is the Director of the Institute for Money, Technology and Financial Inclusion (IMTFI). Smoki Musaraj is Assistant Professor of Anthropology and Director of Study of the Anthropology Honors Tutorial Program at Ohio University. Ivan V. Small is Associate Professor of Anthropology at the University of Houston.

The reason I wanted to write a review of this book is because in all my research this is one of the only books I've found that bring together a unique and diverse collection of case studies and ethnographic research to provide a nuanced understanding of how money operates at the fringes of society. I would also argue that this book due to the nature, academic backgrounds and opinions of its authors really goes beyond the traditional financial systems - to look at what's really happening in society. Sadly, this is not often done by those designing products and services in banks - and is probably why this is still a massive problem. The teams and groups working on this problem statement inside banks don't have the diversity, mindset or inclusive nature that really means they can move the needle to shift the banking business model. Likewise, in the NGOs and charities, policy think tanks and government administrators dealing with the consequences of financial exclusion, equally don't have the detailed banking and systems knowledge of the money markets to get things done - classic innovator's blindspot and information asymmetry issues.

I would also argue this is why financial exclusion is still an issue, as this is a problem that can be solved if there is the will to get the right people in a room. This problem is ironically not about money or technology but about people - like so many in society. This is why I created Orora and stopped working in the banking system "as is". With Orora I knew I needed to build something different and put the values of care and kindness at the heart of everything we do and the questions we ask to solve real problems. At Orora we know we need a new model and that this requires an ecosystem to be built to go around the broken one we have today. Or as Michael would draw:

Soapbox moment over and back to the book review...with a focus on technology, financial inclusion, and design, "Money at the Margins" offers a unique perspective on the complex relationship between money, power, and social inclusion.

The book opens with an introduction by the editors, highlighting the importance of studying money in the margins and the need for a more inclusive understanding of financial systems. They argue that conventional economic theories often overlook the informal economies and alternative financial practices that exist in marginalised communities. By exploring these practices, the book aims to shed light on the diverse ways in which people engage with money and financial systems to meet their needs and navigate their socio-economic realities. When the "system" fails humanity finds a way to make do and survive.

The subsequent chapters delve into a wide range of case studies from different regions around the world, providing a rich tapestry of experiences and insights. The authors examine various forms of alternative currencies, informal lending practices, and innovative financial strategies that are prevalent in marginalised communities. They explore how these practices not only facilitate economic transactions but also contribute to social cohesion, community development, and empowerment.

One chapter explores the use of mobile money in Kenya, where a significant portion of the population lacks access to formal banking services. The authors analyse the transformative impact of mobile money platforms, such as M-Pesa, on financial inclusion and economic empowerment in rural and urban areas. They highlight how these platforms have revolutionised the way people save, send, and receive money, leading to increased financial resilience and opportunities for entrepreneurship and economic growth. As someone who worked on the legal elements of M-Pesa and early days of Telecom provider attempts to move into financial services this was a really interesting read. I'd also recommend reading this alongside MIT Sloan's School of Management Sustainability Strategy research on the role M-Pesa has played on Kenya's economy and its potential for supporting the achievement of the UN SDGs - I'd recommend looking up Tavneet Suri, Associate Professor at MIT Sloan School of Management and the papers she's published in this space too - https://news.mit.edu/2010/mobile-money-0223

Another chapter focuses on the informal economy in Lima, Peru, where street vendors and market traders engage in complex financial practices to sustain their businesses. The authors examine the role of trust, reciprocity, and social networks in facilitating informal lending and credit arrangements. They argue that these informal financial practices not only fill the gaps left by formal institutions but also provide a sense of security and solidarity within marginalised communities.

The book also explores the concept of "crypto-economic sovereignty" among Indigenous communities in Canada. It examines how Indigenous-led blockchain initiatives aim to reclaim economic autonomy and cultural sovereignty by leveraging technology and alternative financial systems. The authors highlight the potential of blockchain technology to enable self-determination and economic empowerment while challenging the dominance of mainstream financial institutions.

Furthermore, "Money at the Margins" addresses the gendered aspects of money and finance in marginalised communities. It examines how women in rural India navigate financial challenges and develop innovative savings groups to meet their economic needs. The authors discuss the role of financial literacy, social networks, and collective decision-making in empowering women and challenging gender inequalities.

The book also delves into the relationship between money and migration, exploring the financial strategies employed by migrants and their families. It examines the role of remittances, informal money transfers, and mobile banking in facilitating financial inclusion and supporting transnational livelihoods. The authors emphasise the importance of understanding the financial practices of migrants within their socio-cultural contexts to develop more effective policies and interventions. This chapter has really helped inform the Orora journey as I truly believe DLT, Digital Money and Digital Assets are the key to solving this problem.

Overall, "Money at the Margins" offers a thought-provoking and comprehensive exploration of the complex dynamics of money in the often-neglected communities in our society. It challenges conventional notions of finance and highlights the resilience, creativity, and agency of individuals and communities in navigating their economic realities. By examining the intersections of technology, financial inclusion, and design, the book provides valuable insights for policymakers, researchers, and practitioners seeking to create more inclusive and equitable financial systems.

I hope you can explore this material and if you're interested to discover how Orora will be putting this research into practice reach out to me directly here on LinkedIn via a DM or at [email protected]

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