Open Letter to Fintech – LinkedIn – November 16, 2016

On November 16, 2016 Dr. Ascanio Graziosi published an “Open Letter to Fintech” on LinkedIn in which he proposes a free commission for money transfers and remittances for particular segments of the population.

He writes:  “Technologists and financiers should find a way to not overcharge the transfer of small amounts of money, presumably made by people working away from their own places and sending money to those who are in need.  If we don’t find out modalities to minimize the commission, we will penalize the poor and mislead the purpose of financial inclusion. This is a technical matter that may be overcome elaborating on the statistical data; it may be assumed, for example, a cheap commission for small amount or linking it to the frequency of the transactions in a given period.”

The open letter includes a detailed analysis of how the micro-finance industry can and should transform itself by embracing financial inclusion.

You may read the open letter on the LinkedIn internet site.