In the developing world, would-be entrepreneurs are easily able to get microloans. But getting access to formal financial institutions — the kind that give large-scale loans — well, that’s much more difficult. Because 70% of those who start small businesses simply don’t have a financial identity.
TED Fellow Shivani Siroya has created a tool to help by allowing anyone with a cell phone to build a financial track record. In this video, she not only shares the logic behind InSight, her SMS-based accounting tool, but reveals how it works. You also get to meet some of people who are using this tool and seeing their businesses grow.
This video is the latest in the Fellows in the Field series, which bring together young filmmakers and innovative thinkers who are a part of our TED Fellows program. It was directed and edited by Anthony Dinham, and was made with the support of State Street. The music: “Illusions” by Michael Camenti.