This great post from Mental Floss is the perfect spotlight for this week’s Tech for Good.
The first point includes information about how cell phones are making spending and saving easier for people who live in developing countries where they may not have access to financial institutions.
“Banking is expensive, especially if you live in a town where there is no bank! In developing countries, large portions of the population don’t have access to the financial services that we take for granted (for example, direct deposit, credit cards, or savings accounts). But cell phones allow for digital transactions that are both cheaper and safer than paying with cash, or saving cash under the proverbial mattress. Cell phone-based finance also makes credit available to the poor, so they can invest in building a home or starting a small business.”
Read more here.