https://www.facebook.com/BoldTV/videos/544846025873356/
Income inequality is a global issue that affects nearly every country in the world. While many know that it is an issue that they are likely on the negative end of, many don’t have the financial resources or knowledge to combat it.
The Democratic Republic of the Congo is one area of Africa hit particularly hard, but there are organizations that have set up structures to help solve the problem, as well as empower women in the process through education.
The Issue
Yamandou Alexander is the co-founder of Makeba and chairman of the charitable organization Malaika. Makeba aims to create a cheap way to process monetary transactions. The purpose of the organization is to help businesses join the modern economy in a cost-effective way, so as not to financially hurt people who are trying to grow their businesses.
Alexander’s charitable cause, Malaika, is an organization designed to empower girls in the Democratic Republic of the Congo. The organization is based in New York and operates in the village of Kalebuka, in the Congo’s southeast region. After meeting with a friend, he realized the importance of education and how seemingly simple things such as learning how to speak English can have a tremendous impact on the lives of girls.
Alexander, who has been an entrepreneur since 1996, focuses his organizations on electricity and financial services. Financial inclusion will address the long-term problem of income inequality and go the distance in finding solutions. Alexander explains that his business aims to solve income inequality. “There is a large population in Africa that does not have access to financial services — to save, to plan, to finance things.
The other problem is that the diaspora from the African community is sending money out, where rates are very high.” Alexander acknowledges that the first step would be to knock that problem out first and take advantage of financial services afterward.
Takeaway
Globalization and the advancement of technology has made the world more connected but has left out regions like the Congo. Entrepreneurs are recognizing the importance of financial literacy and transparency, as well as education and empowerment of all its citizens in hopes to combat income inequality.
Have something to add to this story? Comment below or join the discussion on Facebook.
Header image: Getty Images
