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> Posted by Holly Padgett
Can financial access and citizenship feasibly begin at birth? According to the Financial Access at Birth (FAB) initiative, with the right resources and momentum, it can. Bhagwan Chowdhry, FAB’s founder, recently published an article in the Stanford Social Innovation Review (SSIR) that highlights the main ideas behind FAB and addresses some of the tough questions raised by supporters of the program.
The aim of FAB is to provide an initial deposit – say $100 – in an electronic savings account for every child at the time of birth. The bank account would be paired with a universal ID and mobile technology, creating a powerful system of incentives that would foster financial inclusion and possibly access to other services. Ultimately this system would lay the “plumbing” for numerous social, financial, and health services. According to Chowdhry, “it is an investment for an economically democratic society”. Read the rest of this entry »
> Posted by Center Staff
In their television interview, “Taking Down Poverty from Day One,” Charles Payne and Shibani Joshi from Fox Business Network announce Financial Access at Birth (FAB)’s goal to raise $5M to finance FAB’s first pilot. In the interview, they discuss with FAB’s founder (Bhagwan Chowdhry), to what global challenges FAB is responding, and how financial inclusion can be supported through this model, one baby at a time. FAB is ready for its first pilot, has earned an invitation from a host country, and needs help raising funds.
Bhagwan Chowdhry reminds viewers that nearly half of the world’s adult population, 2.7B people lacks access to safe and quality financial services. Poor women in India and Africa are even willing to pay for the opportunity to save safely. Not only do most countries lack unique, universal ID systems, but also, many births go unregistered.
“Poverty knows no season, borders, or race. It affects us all in some way. If we asked those whom we aim to serve, they would say the ‘right time’ is yesterday. We must act now, act together, and act differently, if we want to see full financial inclusion in our generation,” notes FAB’s manager, Rosita Najmi. Read the rest of this entry »
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