The University of Washington's (UW) Computer Science and Engineering Department will work to provide populations in the developing world with some basic financial instruments.
The Bill & Melinda Gates Foundation has awarded the university a $1.7-million grant over two years to develop technology for secure mobile banking. The foundation believes people will have a better chance to climb out of poverty with such financial tools, "meaning low-cost ways of sending money from one place to another, savings accounts, access to insurance, and access to well payment mechanisms," says UW professor Richard Anderson.
Secure tools are key because family members often relocate to another city to find work and may send money back home through strangers who are heading in the direction of their family.
User simplicity is viewed as a challenge, and Anderson's team will work with experts who will help create a user-friendly experience for targeted users of the apps.
From The Daily of the University of Washington
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