Archive for November 15th, 2009
Phonecards and Peanuts: Looking at Micro-finance through the Macro Lens
Ilmari Soininen
KF9 UIMCEC Dakar, Senegal
Topping up one’s phone credit is never a problem in Dakar – on every street corner you will find one, or usually three or four young men hawking the same exact Orange Telecom cards. They offer the exact same cards, in the exact same spot, at the exact same time. Peanut vendors are equally ubiquitous, often stationed only a feet away from each other, selling the same peanuts, in the same 50 Franc increments.
These vendors often rarely have many other avenues for generating income. Many come from the countryside, where subsistence farming is usually the one and only option. They prefer the hustle and bustle of the city. They prefer the 500, 1000 or even 2000 CFCA (between US$ 1-4) they can make a day. Who can blame them.
But when you add up all of the thousands of phonecard, peanut (cigarette, tissue, fruit …) vendors, you begin to see why this country, and indeed many of its neighbors, are still so poor. (more…)
9 comments 15 November 2009
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