Will Facebook really empower the unbanked and gain traction in Venezuela?
June 18, 2019, 1:30PM EDT · 5 min read
- Facebook has pitched “banking the unbanked” as a key use-case for its newly-announced cryptocurrency, set to launch in 2020
- But one of the biggest questions emerging from their announcement is how exactly they will do that
- Venezuela is one possible target, with nearly 10 million unbanked adults and an unstable national currency – alongside broad mobile and WhatsApp usage
- We unpack what it takes to bank the billions and the lessons learnt from past initiatives like Mobile Money
You might expect the woeful state of global financial inclusion to be a concern for the UN or a non-profit, but not necessarily a social media giant like Facebook. But banking the unbanked is now apparently a core mission-statement for Mark Zuckerberg’s baby, via its cryptocurrency, Libra. “1.7 billion adults globally remain outside of the […]