Economic innovation

You know that I love the concept of microcredit as a direct way to combat poverty in a very tangible way (versus just throwing money at programs), empowering individuals. Well, in the WaPo today an article about a young South African company, Wizzit, that another way to address poverty: banking services to the poor, accessible by cell phone. The idea is that since cell phones are actually much more numerous in South Africa than bank accounts, there's opportunity in providing bank accounts that customers can access through their cell phones without actually having to go to a branch. One can set up an account over the phone, have pay deposited directly into the account instead of in cash, then can pay bills, send money, buy groceries - all through a cell phone. Read the whole, very interesting article here.