In the way of democracy, the main variable in living and life seems to come down to money and markets. At the center of the money market sits financial services and technology.
When the topic of democratizing financial tech seems to surface in discussion, saving money for the less fortunate and under banked communities seems to dominate the day. Though this is a worthy cause, there permeates another one of equal valor. Where less focus seems to permeate is on by whom large value transactions are made. It’s incredibly important to make increasing efforts to serve the undeserved to prevent a respective inward move away from the societal devices described in this piece, but, there happens to be two facets to the discussion.
The duty to bring savings across the board comes with it another; one where we must bring democracy to financial services for all, whatever that tends to mean, for everyone up-to and including the elite. This move and others, properly represent the basic tenets of a social democratic union.
This article presupposes the ability of any mature human being in the right mind to differentiate right from wrong, and essential versus that which isn’t.
In the right direction of positive developments, it must be said that essential moves encompass those which are included in discussing the democratization of money, particularly less taxes on the poor and underfunded, and instead reallocation of resources from the super rich and wealthy by way of taxation. Any mature being in the right mind would argue these moves mutually and inclusively positive.
Now let’s get to the crux of today; the American population spends nearly 10 percent of disposable income on fees and taxes. That’s the same amount that under banked populations spend on food. Utterly ridiculous in the age of tech where distribution is held on every connected device. In the same vein, the solution is also utterly simple. Give more money back to the consumer; the driven drivers of our economies. That’s all inclusive. The influx of disposable income will give way for savings, and what’s more-charitable causes.
The pioneer in this space will be able to give back while making people believe in what they’re performing on a daily basis, attracting great talent. I personally would do it 10 times out of 10.
Biko Miguna works in the incubator and acceleration space, where his company The Accelerometer Toronto works to bring brands and products to market in retail, at tremendous scale, all for a nominal fee. Biko is currently taking clients in Toronto and elsewhere across Canada. He can be found @bmiguna on Instagram, and Biko Miguna on LinkedIn.
Company Name: The Accelerometer
Contact Person: Biko Miguna
Email: [email protected]
Phone: +1 647 394 5259