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The Global “Non-Banked” and the Developing Opportunity to Serve Them
This is a great article about how community savings clubs in Pakistan called ballot committees are reshaping the landscape. Some interesting factoids gleamed are: More than 10million rupees are enter this savings system daily in Pakistan (~$100,000.00) and only 14% of Pakistanis use formal banking. This represents a huge non-consumption market opportunity.
The late C.K. Prahalad opened the door for many of us into the opportunity termed “Bottom of the Pyramid”. Today this opportunity is blossoming globally as the opportunity to introduce cross border commerce to entire masses of the world’s population that are limited in their ability to consume not because of lack of money but because of lack of access.
I was driving with a colleague in rural Estonia this week and something he said stuck out to me. He stated that in Estonia having internet access was considered a basic right by the people. This is similar to a statement made by South Africa’s Nelson Mandela in the past that the ability to communicate and connect was a fundamental right of the people. In both cases the key here is access for the masses to the global community. With that access, comes the need and desire to transact in meaningful ways.
Can you imagine the opportunity for businesses around the world who are able to successfully tap into the millions of “non-banked” people and offer them savings, loans and other financial products. Further as these new consumers begin to communicate and transact, what opportunities are there to provide them with tools and products to transform their lives and the lives of their families in ways that are meaningful and lasting.
My hope and vision is that Global Data Consortium can play a role in this effort and our release of WorldView is a step on the road to doing so. Check out our new website when you can and please send us feedback ( I think we built one of those comment/contact us forms in someplace.