Global Atlanta: Bridging the Wealth Gap, Problem for Emerging Market Central Banks
Atlanta-based NCR is using simple ATMs with fingerprint recognition capabilities to help banks reach into rural villages in India and elsewhere.
It’s clear to central bankers that getting money out from under mattresses and into the banking system will help close yawning wealth gaps in the developing world.
What’s not so clear is how to overcome skepticism among the unbanked, especially given capitalism’s crisis of confidence in the aftermath of the Great Recession.
"There’s a lot of distrust in finance in the world,” Kingsley Chiedu Moghalu, deputy governor of the Central Bank of Nigeria, said at the Operation HOPE Global Financial Dignity Summit in Atlanta.
That’s why central banks in Nigeria and other developing nations are spending more time and energy teaching their citizens how to handle money.