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Colombia: For the Poor, a New Way to Protect Against Disaster
BARRANQUILLA, Colombia - Before a sales team for Liberty Mutual fanned out into a crime-infested slum to sell insurance, the venders bowed their heads, asking god to bless their work and protect them from thieves. A ramshackle neighborhood where horse carts ply the streets and the floors of many houses are made of dirt might seem an odd place to peddle insurance. After all, insurance companies have historically ignored the poor. But the Liberty team was offering something new to l...
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- Latin America
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Jamaicans May Bank on a Mobile Future
JAMAICA can choose a mobile phone-based financial services delivery system which targets those persons who currently do not have easy access to the established banking network. Carl Rosenquist, a Chartered Information Technology Professional with the British Computer Society, was one of several industry experts trumpeting the development during the Mobile Financial Services Conference at the Terra Nova All Suites Hotel in Kingston in December, which aimed to develo...
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- Latin America
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$2.5 Million Prize for Transforming Banking Sector in Haiti
SEATTLE and PORT-AU-PRINCE, Haiti, Jan. 10, 2011 /PRNewswire-USNewswire/ -- The Bill & Melinda Gates Foundation and the U.S. government, through the U.S. Agency for International Development (USAID), announced today that Haitian mobile operator Digicel won a $2.5 million award from the Haiti Mobile Money Initiative (HMMI). Digicel was recognized for being the first to launch a mobile money service in Haiti, Tcho Tcho Mobile, that meets the competition’s stringent criteria. This award,...
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- Latin America
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To Beat Back Poverty, Pay the Poor
The city of Rio de Janeiro is infamous for the fact that one can look out from a precarious shack on a hill in a miserable favela and see practically into the window of a luxury high-rise condominium. Parts of Brazil look like southern California. Parts of it look like Haiti. Many countries display great wealth side by side with great poverty. But until recently, Brazil was the most unequal country in the world. Today, however, Brazil’s level of economic ineq...
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- Latin America
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Fighting Poverty Can Save Energy, Nicaragua Project Shows
In two small villages on Nicaragua’s Mosquito Coast, a project to improve electricity service had a remarkable side benefit-household energy use actually dropped nearly 30 percent. When efficient compact-fluorescent (CFL) lightbulbs were added to the mix, energy savings surpassed 40 percent. The effort cut costs and brought longer hours of daily electricity service to the people of ...
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- Latin America
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Brazil’s Cash Transfer Scheme Improving the Lives of the Poorest
Rumour has it that when senior civil servants at the Department for International Development (DfID) tried to interest the development secretary Andrew Mitchell in cash transfers, they couldn’t get anywhere. One morning he came across a column by my colleague Aditya Chakrabortty and was converted. Within a short space of time the "must rea...
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- Latin America
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Brazil bank oversight under fire
Brazil’s central bank is being urged to strengthen its oversight of the banking sector after it alleged that Banco Panamericano, a medium-sized bank by assets, had concealed losses of about R$1bn (US$580m), apparently resulting from high rates of customer default at the height of the global financial crisis in 2008 and 2009. Shares in Panamericano fell by 30 per cent on Wednesday after the bank’s difficulties became public and its management was replaced. But they rallied by 8 p...
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- Latin America
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IGNIA Fund Invests MX$38.1 million in Barafon, a BoP Public Telecommunications Provider
MONTERREY, Mexico , Oct. 13 /PRNewswire/ -- IGNIA Fund I, LP, the first impact investing fund in Latin America , announced today that it has invested MX$38.1 million ( US$3.1 million ) in Servicios Caseteros S.A.P.I. de C.V. ("Barafon"), a provider of public telephony and related services to low income populations in Mexico through a networ...
- Region
- Latin America