Kiva looks to the future of mobile banking with zip.kiva.org

 

During the Social Media Track part of LeWeb Day 3 on our Plenary II Stage, Cedric Giorgi had a Q&A with Matt Flannery, Co-founder and CEO of Kiva.

We discussed social change and doing philanthropy in groups, as well as how Kiva got started (Kiva was initially helped by a few friends and family members of Matt until the word got out and the press fell in love with the organization), but at about minute 7:30, Matt started talking about the future.

He talked about how banking is developing and said

"Banking is being rewritten in a new way in the developing world, and in some sense it may be better than how it was written in the developed world"

He talked specifically about the rise of mobile technology and pointed out that in Kenya, about 1 in 5 transactions happens via mobile banking, that is, via text message. You can send money directly through your phone instead of using cash, and actually it's easier to use than cash! Even in the Silicon Valley you can't say that, just yet.

Matt called mobile banking "the future of microfinance," stating that

"mobile banking will rewrite the history of banking in the developing world and provide small bank accounts to hopefully billions of people one day"

Kiva just started integrating with mobile banking in Kenya, and announced the launch of Kiva Zip.

With Kiva Zip you can now you can lend money directly from a website to a farmer's phone in Kenya. According to Matt your loan will arrive in 3 minutes, with a 0% interest rate.

He did warn that since Kiva Zip is so new (2 weeks old) and so different from Kiva.org (find more about the difference here or by asking Matt directly on Twitter), they do not expect returns to attain the 99% rate they have reached for Kiva.org loans. He said, however, that they are going to try whatever they can to reduce this risk. 

According to Kiva Zip's website, "Kiva Zip is attempting to take the use of technology to the next level, such as mobile and electronic payments that enable the direct transfer of funds between lenders and borrowers."

Invitations to the pilot are available at zip.kiva.org and/or you can watch the whole video of Matt's Q&A at LeWeb below:

 

 

 

Posted by Michelle Chmielewski

LeWeb Latest News

Sun, 10/30/2011 - 02:03
Jérôme Choain, AKA @jcfrog just recently wrote, directed, and produced a song and video about SOLOMO, this year Leweb's theme, this is brilliant! For those of you unfamiliar with Jérôme's singing abilities, this is far from his first song. He is a French web humorist whose speciality is creating parodies of famous songs with geek-y or web-related lyrics. Check out Geek, You're on Twitter now or his Youtube Channel. Thanks, J...
Sun, 10/30/2011 - 16:07
We're thrilled to see 4 of this year's LeWeb speakers, as well as 3 from last year's LeWeb, in Forbes's 40 under 40 listing. Every year, we bring the best of the best to LeWeb to help entrepreneurs to succeed in business, and to inspire them to succeed in life : Daniel Ek CEO & Founder of Spotify "Our dream is to make all the world's music available instantly to everyone."     Marissa Mayer VP, Product...
Sun, 10/30/2011 - 16:07
"Don't be fooled by the calendar. There are only as many days in the year as you make use of."   - Charles Richards Unless you count 42 more days until LeWeb '11! Tickets are going fast. Next Monday, October 31st is the last day to get a Fall Discount ticket so sign up now before it's too late. Seize the day, and see you there.
Mon, 09/12/2011 - 23:14
LeWeb is only 3 months away... We have secured some special deals for you with hotels in Paris. Those are all on the Metro Line 12 - direct to the venue. Check what's available here
Mon, 09/12/2011 - 23:10
This year’s LeWeb’11 Startup Competition will honor the top 3 startups creating state-of-the-art apps and products for the Social/Local/Mobile (SoLoMo) marketplace.  We’re looking for the most exciting and innovative ideas that exploit the power of social engagement and location awareness of tablet and mobile phone devices. 
Register your company now. Applications deadline is Oct 15,2011.
Thu, 02/03/2011 - 17:47
You can find all the 2010 talks on Youtube/lewebparis. 2 days of plenary stages and Startup Competition.  
Thu, 02/03/2011 - 17:44
By Loic Le Meur It's my 9th Davos in a row and I am lucky to be invited to speak twice this year, I'm giving a talk on future trends "digital convergence" in David Kirkpatrick's session and I moderate my own dinner on "social networking addiction" tonight, both are over-registered (the WEF keeps the sessions small) which makes my day.Here is the 10 mins video and a few notes, there are many more trends but I did not have more time. Thanks...

Pages