Do you use digital currency? If you use a credit card, PayPal, or use a mobile money app to sell or buy things, then the answer is yes! There is a lot of innovation happening in the digital currency field right now and it is especially important for the global development sector. While it will be easier for more advanced financial institutions to adopt digital currency, the benefits of its adopting extend far beyond that sector.

Here is why the digital currency innovation matters to global development:

Puts power back in the hands of the people

Today, many people in developing countries rely on remittances from family members abroad. But wire transfers charge a lot in transaction fees (up to 6 – 10% for $200). Digital currency can facilitate a faster and cheaper bank transfer, removing the middlemen. You can see a difference even in domestic money transfers; In 2012, when the Afghanistan national police switched to a mobile payment service, M-Paisa, the employees thought that they had received a 30% raise. When they received their salaries in cash, 30% used to be “taken off the top” so, mobile money left no room for corruption and delivered their complete salaries.
For small businesses competing in the global market, digital currencies even the playing field between currency conversion rates, commission fees, and transfer limitations that come into play with traditional monetary systems.

Makes money safer

In the developing world, monetary transactions are usually in cash, which means money is also stored in cash. Holding your savings or spending money in cash can put you at risk for robbery risking the welfare of you and your family. Digital currency can take that worry away since you are not holding the cash physically. And with a digital currency like bitcoin, a unique digital signature protects every exchange so that there is no risk of fraud, chargebacks, or identity theft.

We have already seen the benefits of using digital currencies

Digital currencies are not necessarily new. M-Pesa, a mobile money service is a huge success in Kenya, with 83% of the population currently using the service. Bitcoins made their entry in the field recently, however, some organizations are already exploring its potential for social good. Organizations like BitGive are already launching initiatives to leverage bitcoin’s technology to benefit charitable organizations around the world. MIT’s Media lab launched the Digital Currency Initiative to bring together global experts in areas ranging from cryptography, to economics, to privacy, to distributed systems, to address key issues that digital currencies like bitcoin are poised to make on people’s lives in the next decade.

There are many more examples of how digital currencies are impacting global development, so we will be discussing them with some of the organizations leading this effort in our TechTalk tomorrow. Register now and join the conversation here.

It’s been two years since Chrissy Martin wrote a post on her thoughts on mobile money for development for TechChange’s Mobiles for International Development online course. As Chrissy has focused on mobile money issues since then, so much of it still rings true including the challenges of preventing fraud and best practices for working with telecoms.

In a recent Forbes article, we learned that more than two thirds of Kenyan adults use M-Pesa (a mobile digital currency), accounting for more than 25% of Kenya’s GNP. The ubiquitous use of mobile phones and the growing market for increasingly affordable smartphones will only make mobile money more popular in the developing world. According to ITWeb Africa, mobile money users now outnumber adults with bank accounts in Zimbabwe, Kenya, Uganda, and Tanzania.

While M-Pesa is the most well-known mobile-based financial transfer service, there are more players in the field such as Zoona, an African social enterprise that provides mobile payments and working capital financing to micro & small enterprises. Chrissy works as the Global Partnership Manager at Zoona and we can’t wait to hear more about the cool things that Zoona is doing in Africa.

Get a sneak peek of what to expect from Chrissy’s session on mobile money and Zoona with this video here:

Interested in mobile money and other ways mobile phones are improving lives? Join our upcoming online course on Mobiles for International Development.

About TC105 Guest Speaker, Chrissy Martin

Chrissy Martin headshot Zoona

Chrissy Martin is a product manager with several years of experience implementing digital financial solutions in emerging markets.  With operational knowledge across multiple sectors, she effectively bridges the gap between the private sector and the development industry.  Presently, she serves as the Global Partnership Manager for Zoona, an African social enterprise passionately committed to helping small businesses grow. Before Zoona, she was at the development organization MEDA, expanding rural access to financial services in countries including Zambia, Uganda, and Nicaragua. Previously, Chrissy was based in Haiti, working as the Product Manager for Mobile Financial Services at Digicel.  Chrissy holds degrees from The Fletcher School and the University of Virginia.

 Featured image photo credit: Zoona Facebook page

Want to change the world with socially minded and innovative ideas, but bills, student loans and lack of investment opportunities are pushing you away from entrepreneurship and towards jobs that are unfulfilling and not utilizing your education? According to Accenture, you are not alone.

A staggering 41% of college graduates within the past two years are underemployed, which means they are either in jobs that are not full-time or have nothing to do with their degree. The 2008 global financial recession changed the employment landscape, drying up credit for start-ups and diminishing confidence in large institutions. The tepid recovery makes them cautious in hiring. Yet there is a growing demand from within the large organizations for employees who help them remain competitive through new ideas and a start-up mentality. The need has increased the demand for intrapreneurs, innovators from within the company that will move it forward.

Nick Hughes is an example of a social intrapreneur in action. Hughes was a middle marketing manager for Safaricom, the largest mobile network in the East African nation of Kenya when he developed an idea that would help millions of disadvantaged people while driving the bottom line of his company. Hughes’ concept, which became M-PESA (m for mobile, “pesa” is Swahili for money) has become a wildly lucrative, socially beneficial, and intrapreneurial idea which has led Safaricom to become the banker for the poor and rural in Kenya who can not get accounts from traditional banks. As of 2013 the M-PESA service has 17 million members, providing a critical socio-economic service for Kenya’s poor and profits to Safaricom.

The idea of social intrepreneurship is becoming particularly enticing to young people who want stable careers, but care less and less about making a fortune in corporate America and more about making a difference in the world around them. Personally, intrapreneurship has been an incredibly rewarding career choice. In 2009 I lost my job, and spent a year trying to become a social entrepreneur, sleeping on couches, living unemployment check to unemployment check, and trying to launch a company that would deliver social purpose. In 2010, UNICEF picked up on one of the company’s ideas and offered me a short-term consulting opportunity to carry-out an innovative idea. Thus began my path to learning the process of becoming a strong source of new ideas and innovation for the established institution. Three years later I’ve been a part of an amazing international team, got the opportunity to travel to Rwanda, Zambia, and Brazil, and had a consistent paycheck.

Innovating from within UNICEF provided stability and opportunities that I would not have had otherwise. In 2011, from within UNICEF, I led the launch of unicef-gis, a mobile and web application for youth-led digital mapping of risks, resiliency, and vulnerability. The app was deployed successfully into countries (Brazil and Haiti) where I knew nobody and did not speak the language. Without the UNICEF network, the idea would have never come to fruition or realized the amazing social impacts.

I personally understand today’s harsh jobs reality for graduates, interns, and young professionals. The truth is that a six-figure education and degree is only enough to level the playing field, but not enough to secure you a rewarding job that allows you to be independent and pay back student loans. That’s why learning how to practice intrapreneurship in your field can become a novel employment option for those who will be entering the workplace or are already in it, looking to move up into more senior positions. These large institutions like the World Bank, United Nations, and Google are actively looking to hire these intrapreneurial individuals.

People often ask me, how do you become gainfully employed doing cool, innovative projects for a large international organization? The truth is, intrapreneurship is not something learned in the traditional classroom or from a textbook. It’s understood by trial and error, failing forward, and failing fast. These are skill sets that can be practiced and learned, and lead to rewarding and stable jobs. Interested in learning about intrapreneurship or know a student, intern or young professional that might benefit from learning about it? TechChange.org is providing a limited number of individuals the opportunity to learn about intrapreneurship from guest experts and interactive, self-paced online learning modules. Learn more:

TC108: Social Intrapreneurship – Innovation Within Institutions

On February 26, USAID received the “Best Government Policy for Mobile Development” award at GSMA’s Mobile World Congress 2013. And while the Mobile Solutions team was receiving an award in Barcelona, TechChange and the MS team were also receiving over 1,500 mobile poll responses from recipients in DRC taking part in an online exercise designed by 173 USAID staff and implementing partners in 21 countries. The way this was possible is through harnessing the same potential for public-private partnerships used for external implementation and applying it to internal education and collaboration at USAID.


Fig. 1: MapBox visualization of GeoPoll responses.

The exercise was part of a 4-week online course in Mobile Data Solutions designed to provide a highly interactive training session for USAID mission staff and its implementing partners to share best practices, engage with prominent technologists, and get their hands on the latest tool. Rather than simply simulating mobile data tools, USAID staff ran a live exercise in DRC where they came up with 10 questions, target regions, and desired audience. The intent was to not teach a tool-centric approach, but instead begin with a tech-enabled approach to project design and implementation, with an understanding of mobile data for analysis, visualization, and sharing.


Fig. 2: Student locations for TC311 class.

This would have been a formidable exercise for any organization, but fortunately we augmented USAID’s development capacity with the abilities of three organizations. TechChange provided the online learning space, facilitation, and interactive discussions. GeoPoll ran the survey itself using their custom mobile polling tool. And MapBox provided the analysis and visualization needed to turn massive data into a simple and attractive interface. (Want to check out the data for yourself? Check out the raw data Google Spreadsheet from GeoPoll!)

But while the creation of an interactive online workshop for small-group interaction requires barriers to scale, the content is under no such restrictions. One of the videos from our previous course on Accelerating Mobile Money provided an animated history of M-PESA, the successful mobile money transfer program in Kenya, which allows everything mobile phone users to pay for everything from school fees to utility bills and is proving transformative in cases such as Haiti.


Fig. 3: M-Pesa animation used for TC311 and USAID Video of the Week

But there’s still plenty of work to do. As mobile phones continue their spread to ubiquity, the challenges for applying their potential to development will only increase, along with the continuing possibilities as the technology continues to improve. However, in the short term, we’re focused on increasing mobile access, which is the topic of our next course. If you work at USAID or with an implementing partner, we hope that you’ll consider joining us and lending your voice to this process.

Any banking services. While those in the developed world take it for granted, easy access to a bank is a luxury unknown to most. Throw in a devastating earthquake that knocks out a third of the banks and ATMs in the country and you can see why Bill Gates is banking on mobile phones to help expand financial access in Haiti. His foundation recently set up a $10 million fund to provide grants to the first firm to implement a qualifying mobile banking system as well as the first to process five million transactions.​

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