Introduction Of A Conventional Banking System

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Introduction Kenya being one of the nations that lacked a “conventional banking system,” M- Pesa was introduced experimentally to improve its economic condition. Serving as an immensely successful mobile money transfer service in Kenya, M-pesa rolled out in the European market such as, Romania, where “Only about 50% of the population has a bank account.” According to innov8tive.com, a Web source for technology news, resources and innovation of Africa, in its featured article “Kenya’s M-Pesa Introduced To The European Market,” explains that the reason behind the successful drive of this new money transfer service is due to its “basic concept” that allows users to “send and receive money using their mobile phones via text messaging…show more content…
Drop of GDP Unfortunately, the toll on Greek businesses have already started since the amount of cash withdrawal is been limited “to €420 per week.” Companies going out of business, have added the unemployment rate up “to 50%” resulting in a drop on the national GDP. According to a graph comparing “Greek Recession v the Great Depression v the EU Recession” featured in an article “Greece debt crisis: Has Grexit been avoided?” by Paul Kirby , a reporter for BBC news, the greek recession have resulted in a constant drop of its GDP per capita while the Great depression and EU recession have recovered back up with in a similar amount of time. This graph further infers that the declining rate of Greece’s GDP can potentially bring down the value of euro. In an article called “Greece ‘cheated’ to join Euro, Former ECB Economist Issing Says,” by Christian Wienberg, a news editor for Bloomberg business, an economist predicts “there’s a 50% chance Greece will need to exit the euro” due to its downhill Gross Domestic Production rate. In anxious to save its euro currency, Greece have danced around the truth in their 2009-10 IMF projection. With that said, this false inspection “heads off endless future crisis” says Paul Krugman, a nobel-prize winning economist, in his featured article “Breaking Greece;” it furthermore puts the country’s future economic growth at a tremendous risk. Introduction of M-PESA to Greece Although
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