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When Social Networks Are Everything, but Not Enough

We know that the path out of poverty is rarely a smooth one.  The poor are buffeted by a wide range of shocks, pushing them backwards along the way.  Exploring the world of risk in the Kenya Financial Diaries, we learned that for many of the poor, navigating a world of risk is actually not only about how you manage your money.  It’s also about how you manage relationships with friends and family who can come to your aid when things go wrong.  Consider Greta’s story: 

Greta and her husband had saved money for a caesarian section she would need to deliver her baby. But public health facility workers went on strike just she was due, and the cost of care at a private facility was five times higher, much more than Greta could finance without hard and dangerous sacrifices. Through friends and family Greta was able to raise roughly 75% of the additional funds needed. 

For low-income Kenyans, social network financing of risk is incredibly powerful . . . 

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Mobile Banking

Fast, convenient and easy: the holy trinity of marketing adjectives. Any product or service that can legitimately claim to be all three should sell itself, or at least catch on fast. This blend of attractive features underlies the enthusiasm around mobile banking.  Plus it just seems cool—who doesn’t like a story of technological leapfrogging?

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