This week’s New and Noteworthy includes thoughts on both the transformative potential of digital banking as well as a defense of preventing a cashless economy. Also in our highlights are innovative uses for prepaid debit cards and research using mobile phone minutes as a proxy for income inequality.
- Earlier this week the Affordable Care Act officially went into effect. However, millions of uninsured Americans will still be left out of expanded coverage.
- As mobile banking becomes more ubiquitous and some predict cash’s demise, Oliver Burkeman reminds us that the “frictionless” cashless economy is not necessarily in our best interests.
- As Myanmar emerges from decades-long conflict, it’s reopening its borders to foreign banks. The Economist explores how the nascent mobile and financial sectors have the “leap-frogging” potential to transform the financial services sector.
- FAI affiliate Ignacio Mas provides a deep dive into retail payments in the developing world and the challenges in bringing services to scale.
- The Atlantic highlighted a new study from Gutierrez, et al. that uses mobile phone communications and airtime credit purchases to map income inequality in Côte d'Ivoire.
- The talking points around prepaid debit cards usually involve mention of their high fees or alternatives to formal bank accounts. But Money Talk News takes a more positive spin offering seven innovative and practical uses for the products.
- Nancy Lee, General Manager of the Multilateral Investment Fund (MIF) at the Inter-American Development Bank Group, wrote the first in CGAP’s new blog series on gender and the role of finance. Lee’s insights focus on women entrepreneurs and their financial needs, which extend well beyond credit.
Editor’s Note: I’m going to assume that you are seeing plenty of AI content (news and papers, not AI slop, though I’m sure you’re getting plenty of that too) from other sources, so I’m trying to think hard about the marginal value that the faiV can provide. As far as I’ve gotten so far: a) make sure that directly AI-related content does not take up more than 2 of the 5 items, and b) try to focus specifically on the cybersecurity issue for financial inclusion. Beyond that, I’m open to feedback on the value you get from the faiV in relation to AI to help guide us in the future. On a different note, I’ll be making a brief cameo appearance at the e-MFP Inclusive Finance Conference to moderate the opening plenary. If you haven’t registered, do so and I hope to see you there! - Tim Ogden