December 5, 2017
The term ‘credit’ means different things to different people. In a developed economy, it’s about measuring the value of one’s availability to receive goods and services based on the expectation that they will be paid back. A credit score is as important as a social security number, driver’s license or passport in establishing identity and offering opportunity.
Yet for the majority of people around the world, the idea of credit is just that – an idea. The lack of access to formal financial services – or any kind of financial identity – makes building a credit profile impossible. People in these cash-based societies are limited not just in acquiring financing to provide opportunity and relief, but they are often hampered in accessing their own cash during off-hours when stores or banks are closed, in remote locations, or during times of crises such as natural disasters.
The modern lifestyle demands accessibility to funding that is often beyond our current means. Think for a moment of what your life would be like with no access to credit. Chances are you wouldn’t own a home or a car. Most of us could not have afforded our college education. The entrepreneurs among us would be hard-pressed to build ...