[Script Info]
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[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.78,0:00:05.78,Default,,0000,0000,0000,,Microsavings is a hot new idea \Nin development economics.
Dialogue: 0,0:00:06.86,0:00:10.12,Default,,0000,0000,0000,,It addresses a basic problem \Nfaced by many poor people.
Dialogue: 0,0:00:10.12,0:00:14.72,Default,,0000,0000,0000,,Let's say you have a small amount \Nof money, say, equal in value to $150
Dialogue: 0,0:00:14.72,0:00:16.81,Default,,0000,0000,0000,,and you want to set up a savings account.
Dialogue: 0,0:00:16.81,0:00:19.69,Default,,0000,0000,0000,,If you take this money to a large bank,\Nthey'll turn you away
Dialogue: 0,0:00:19.69,0:00:21.51,Default,,0000,0000,0000,,or maybe they'll even laugh at you.
Dialogue: 0,0:00:21.56,0:00:25.32,Default,,0000,0000,0000,,The cost of processing the papers, \Nsetting up the account, and dealing with you
Dialogue: 0,0:00:25.32,0:00:29.34,Default,,0000,0000,0000,,means it's not worth while for them \Nto take care of your very small deposit.
Dialogue: 0,0:00:29.87,0:00:33.63,Default,,0000,0000,0000,,The results is that a lot of this money\Njust sits around the homes of poor people
Dialogue: 0,0:00:33.63,0:00:36.61,Default,,0000,0000,0000,,and it's vulnerable to fire, it's vulnerable to theft.
Dialogue: 0,0:00:36.72,0:00:40.35,Default,,0000,0000,0000,,In fact, a lot of savings gets destroyed \Nby some kind of catastrophe
Dialogue: 0,0:00:40.36,0:00:42.82,Default,,0000,0000,0000,,or maybe it's taken by \Nsomeone visiting the home.
Dialogue: 0,0:00:42.89,0:00:46.45,Default,,0000,0000,0000,,And a lot of poor people, in fact, \Nwould actually be willing to pay money
Dialogue: 0,0:00:46.45,0:00:50.39,Default,,0000,0000,0000,,to have some opportunity to save \Ntheir money in a secure place.
Dialogue: 0,0:00:51.86,0:00:55.51,Default,,0000,0000,0000,,The microsavings phenomenon\Nis evolving through a few different routes.
Dialogue: 0,0:00:56.53,0:01:00.50,Default,,0000,0000,0000,,Nonprofits for instance are trying \Nto set up or encourage opportunities
Dialogue: 0,0:01:00.50,0:01:04.46,Default,,0000,0000,0000,,for very poor individuals to be able \Nto save very small sums of money.
Dialogue: 0,0:01:04.46,0:01:08.25,Default,,0000,0000,0000,,For instance, the Gate's Foundation \Nhas been very active in this area.
Dialogue: 0,0:01:09.68,0:01:14.72,Default,,0000,0000,0000,,Another medium for microsavings has been\Nactually the cell phone or technology.
Dialogue: 0,0:01:14.72,0:01:17.31,Default,,0000,0000,0000,,Using cell phones in \Nsome parts of the world,
Dialogue: 0,0:01:17.31,0:01:20.45,Default,,0000,0000,0000,,it is possible to save \Nand store your money
Dialogue: 0,0:01:20.45,0:01:24.40,Default,,0000,0000,0000,,and transfer it to other people \Nwhile using electronic technology.
Dialogue: 0,0:01:25.90,0:01:29.60,Default,,0000,0000,0000,,Finally, banks in many countries \Nface burdens and regulations.
Dialogue: 0,0:01:29.60,0:01:31.88,Default,,0000,0000,0000,,To the extent these regulations\Ncan be moved,
Dialogue: 0,0:01:31.88,0:01:34.23,Default,,0000,0000,0000,,it will be cheaper \Nto supply banking services
Dialogue: 0,0:01:34.23,0:01:36.97,Default,,0000,0000,0000,,and banks will be more \Ninterested in serving the poor.
Dialogue: 0,0:01:36.97,0:01:39.82,Default,,0000,0000,0000,,That too will make microsavings easier.
Dialogue: 0,0:01:41.04,0:01:45.36,Default,,0000,0000,0000,,Microsavings is, in general, considered \Na very promising idea for the future.
Dialogue: 0,0:01:45.36,0:01:47.62,Default,,0000,0000,0000,,If you'd like to do \Nmore reading in the area,
Dialogue: 0,0:01:47.62,0:01:49.96,Default,,0000,0000,0000,,here is one good paper on the topic.