When disaster hits somewhere in the developing world, the
conventional wisdom is to look to international humanitarian
organisations for assistance. But not anymore. Not if one takes the
recent drought that devastated Somalia as any indication. Instead of the
humanitarian organisations, it was the Somali Diaspora remittance and
modern mobile money transfer technology that teamed up to provide
urgently needed relief aid to the tens of thousands of nomadic people
that lost their livelihoods.
In a scenario that is reminiscent of Adam Smith’s metaphor of the “Invisible Hand” which explains how free market dynamics make things happen for the greater good of society, the victims of Somalia’s recent drought saw that Invisible Hand come to their rescue through ZAAD, the mobile money transfer service, provided by the local telecommunications company, Telesom.
Read More on Gulf News
In a scenario that is reminiscent of Adam Smith’s metaphor of the “Invisible Hand” which explains how free market dynamics make things happen for the greater good of society, the victims of Somalia’s recent drought saw that Invisible Hand come to their rescue through ZAAD, the mobile money transfer service, provided by the local telecommunications company, Telesom.
Read More on Gulf News