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Bhagwan Chowdhry, UCLA professor, on his program, Financial Access at Birth, and combating global poverty at a young age.
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With nearly one and a half billion people living below the poverty line our next guest is taken the initiative to end this global crisis and he's doing it.
One baby at a time but one -- DUCLA professor and founder of financial access at birth.
Joins us now we're very happy to have you here in studio -- there.
It's -- -- -- moves I know you've been written up in many different publications in feature original and allotted time places but I have to admit I heard about your program.
On the HBO series on -- you are fees -- just a couple of episodes ago.
This Vince is now girlfriend.
White I -- was -- with playing a reporter and she was interviewing you I went.
So far as to Google and and and learn about your program and I was very intrigued.
Tell our viewers about what -- Babs program is and how it could potentially and pop poverty.
At fab stands for financial -- said but.
If you good -- The word.
You would find that roughly half the -- population has no access to any financial services that you and I take for rapid.
Simple savings account.
Pool of imminent India and Africa are even willing to pay to have this savings.
Be -- -- But it's half the bush in the would go under justice.
So these people don't even exist for us meet targets would be a good idea to combine the two.
The stock at books combined the birth certificate shouldn't give them a unique identification.
And stock that the hundred dollar savings account.
That's the idea that.
-- That together it's -- simple idea but an ambitious plan because that need a lot of different parties to come to the table is this so right time to launch this type of program.
Powered.
How are these something that needs to be tactic that any time this is a long term plan -- -- talking about it and take a decade or two.
Before this makes a huge impact so I think need to start now there is no good -- know about time to -- -- A professor -- to us about his -- talking government private industry NGOs.
Who handles the money who distributes the money.
Is there enough trust and cooperation in -- -- for that -- really happened.
Yes I think we need to bring a lot of parties together as you say.
In -- self providing the.
In new issue of money I think the governments need to be -- because we are talking about a busy bailing out banks right now and if you look at the amongst -- talking about.
Bailing out banks takes an order of magnitude money higher than what -- -- talking about 134.
Million children born in Viet.
Imagine there'd -- provide money for 75%.
Of them that's only ten billion dollars a year but.
The challenge that you faces these social.
At principles and these concepts are great.
But they have to have a business motivation they have to make monetary cents rightly so what doesn't -- -- proposition that you're throwing out their partners to actually make it financially viable on their rent.
To throw that hundred dollars and.
OK so let's just that simple numbers a hundred dollars as a lot of money for poor -- that -- get a one incentive that if you offer a hundred dollars.
That provides incentive for parents to in fact come in register.
That side from the banks find -- -- Bank have benefit typically not want it to do you -- Who or small on accounts but give them a million millions of accounts and give them a hundred dollars and -- -- talking about some serious money.
Imagine that banks 925%.
And -- -- intrastate last fees that's five dollars for every hundred dollars that they can time they can use that to offset.
Up costs in lauded for lighting a simple basics transaction services to the apparent appetite so I think the business case is dead and that's exactly what -- -- working.
The -- sort of point to the work of Muhammad Yunus and saying you know can you saw what was able move happen there -- micro lending.
And this is a viable project does that give you credibility and and how close are is this too.
Actually come and off of them.
In fact.
Via shifting little bit from micro lending to micro savings I think the emphasis is on savings and this is He had his own creating the basic interest that's a so that you can pro -- -- sports -- Access.
To the -- and.
And the poor of them have access to financial services so I think it's a little bit of a shift from mark micro lending for people who want to learn more about your program reckoning find out you can go to of that -- financial axis and both stock or IG.
And they can one and tier -- -- have been many different excellent need everybody.
There is clearly a global need for this we applied -- ambitious efforts and issued the best of luck and -- appreciate the opportunity to talk about it they have thank you thank you.
But -- other EU CLA.
Well I have been all my soapbox this week about our educational system.
