“The Waterworks of Money” is the 18-minute financial education every citizen should watch to understand how their central banks are failing them.

This should win the next Oscar for best documentary short.

https://www.youtube.com/watch?v=Ycit4WbJuwE

#ILPSummit23 #documentary #financialLiteracy

Why did @Interledger fund artists with its Future|Money Grant?

There is a need to imagine a better future. Artists historically have been great at doing that.

Artists explore societal connections and power structures with critical eyes.

~“You don't get innovation without involving a myriad of experiences.” —Kokayi Walker

“In order for there to be innovation, there has to be imagination.” —Hollis Wong-Wear

https://community.interledger.org/interledger/announcing-awardees-of-the-futuremoney-arts-culture-grant-3h0c

#ILPSummit23

~“Big banks don’t go to rural areas. Fintechs lose price advantage to serve them. We have face-to-face loyalty.” —Elizabeth Campos

~“Microbanks provide adapted services. The microbanks are part of the community. We can place technology in communities. New fintechs are just in the cloud.” —Isabel Cruz

“Financial inclusion can’t happen without empowerment of the payers.” —Isidro Tzunún

“What is financial inclusion if we don’t have economic inclusion?” —Juan Carlos Urgilés

#ILPSummit23

Isabel Cruz Hernandez, CEO of Mexican Association of Social Sector Credit Unions, connected biodiversity, climate change, and social justice to financial inclusion.

Indigenous groups tend to be in extreme poverty. In México, 180k rural communities with <500 people responsible for most of the country’s agriculture. Commercial banks can’t serve them with their small, irregular income.

AMUCSS supports the creation and integration of community microbanks.

https://amucss.org/

#ILPSummit23

al-ʾUrdunn’s financial services strategy started with a focus on digital payments because everyone makes and receives money on a regular basis.

To gain adoption, women were recruited to do proactive outreach to other women, youth to other youth, and especially in more remote areas.

Digital payments were essential to bringing down transaction cost. Cash cost its central bank $350/per person/per year. CliQ app cheaper than cards.

—Maha Bahou, CEO of JoPACC

#ILPSummit23 #financialInclusion

700 years ago, the first bank as we know banks started in Firenze, Italia. So many advancements in human technology since then, but only 24.6% of people in al-ʾUrdunn (Jordan) had financial access in 2011.

Women, forcibly displaced people, youth, the poorest the least represented.

Raised it to 47.1% by 2021. Gender gap reduced 53% to 32%. First central bank to make formal commitments to refugee financial access.

—Maha Bahou, CEO of Jordan Payments and Clearing Company (JoPACC)

#ILPSummit23