Importance Of Mobile Banking System In The Maldives Finance Essay

Importance Of Mobile Banking System In The Maldives Finance Essay INTRODUCTION Banks play a vital role in the economic life of a nation. The wellbeing of an economy is intimately correlated to a healthy banking system. Bankers borrowing; lending and related activities make possible the process of production, distribution, exchange and consumption of wealth. Therefore banks are very valuable associates of economic growth. Banks play an imperative role in utilization of the resources of the country. Banks mobilize the savings of the people for the investment purpose. In the absence of bank, a countrys major portion of capital will remain redundant. Mobile banking can be described as a common phrase used for performing balance checks, account transactions, making and receiving of payments etc via a mobile device; commonly mobile phones. Terms such as M-Banking and SMS Banking are commonly used for mobile banking. This report will look in to the importance of introducing a mobile banking system to the Republic of Maldives, A country formed of 1190 coral islands each separated by open sea. According to the MMA (Maldives Monetary Authority- Central Bank) they are gearing up to launch a mobile banking system in the country from 1st Feb 2011. MMA named its upcoming mobile banking system as Keesa a local word used for wallet. In an Interview given to National Television in 2010 (MNBC-One) the Governor of MMA Mr. Fazeel Najeeb quoted The Maldives Mobile banking system designed to bring a revolution to the financial sector and setting an example for the rest of developing countries in the world. (MNBC-One, 2010) OVER VIEW OF MALDIVES ECONOMY The GDP growth averaged 8.0% over the past two decades raising per capita income about US$ 2,800, the highest in the region and moving the Maldives well into middle income status. After contracting by 4.6% in 2005 due to the tsunami induced fall in tourist arrivals, the economy rebounded by 19.1% in 2006 and appears to have remained robust in 2007. The population of Maldives was estimated 2, 98968 according to the preliminary census 2006. Fishing and tourism plays a vital part of Maldives economic progression. According to MMA there are 6 commercial banks in Maldives with 176186 Account Holders. At present there are only two Mobile service providers in Maldives, who provides Service for 259889 Customers. Dhivehi Raajeyge Gulhun Pvt. Limited or Dhiraagu is Joint Venture Company formed between the Maldivian Government and Cable Wireless and commenced its operations in the Maldives in 1988. (Dhiraagu, 2009). Wataniya Telecom Maldives Started out operations in Maldives as a subsidiary of Wataniya Telecom in February of 2005, it has now become the preferred mobile network for Maldivian locals and tourists alike. The companys quest for perfection and dedication to complete customer satisfaction has placed it on the forefront of Telecommunication solutions in the Maldives. (Wataniya Telecom Maldives 2009) Tabulated profile of Maldives Details % No Total population 298968 Between 15 64 years 62.5 186904 In Employment 110231 Workers on Male 10.3 38971 Workers on Atolls 89.3 71260 Employment By Sector Fishing Industry 11 12125 Tourism 23 25000 Government 31 34000 Others 35 39000 Expatriate Workers 70075 Mobile Subscribers 259889 Resident on Male 41.5 106554 Resident on the Atolls 59.5 153335 Bank Accounts 176186 Resident on Male 65 113893 Resident on The Atolls 35 62293 ATM Cards Issued 62275 Source: Ministry of Planning and National Development Key Indicators 2006  ¨ Maldives 2006 preliminary census figures  ¨ Monthly Statistics, February 2008-MMA  ¨ CGAP survey results from Maldives mobile operators  ¨ CGAP survey results from Maldives banks A MOBILE BANKING SYSTEM WILL RE-SHAPE AND AVANCE MALDIVIAN ECONOMY. Referring to the facts and figures given above (Under over view of Maldives economy) and Tabulated portfolio of Maldives, more than 95% of Maldives is covered geographically by the mobile operators in Maldives. Mean while nearly 90% of population owns mobile phone. According to the Ministry of Planning and National Development Ministry the mobile operators also already have the capacity of providing mobile banking service with minimal investment. (Key Indicators, 2006) The mobile banking system will benefit the Economy in following ways Implement state of the art inter-bank settlement and eliminate risk and increase the safety and efficiency in payment systems Introduce full cheque truncation and automate clearing Promote economic efficiency in the country Reduce dependence on cash and paper based instruments by facilitating electronic payments Establish a fully interoperable retail payment system using cards, mobile and Internet Make banking accessible to all citizens of the Maldives, despite adverse geographic conditions Government and banking sector Mobile banking would save costs associated with printing and supplying cash, free up resources currently used by banks to deliver banking services, automate the banking and clearing system, reduce the transaction costs of banking and payments settlements, deliver banking services to the whole country, increase national savings, and revolutionize the financial industry. Fishing industry According to preliminary census figures of 2006, 11% of Maldivian work force is engaged in fishing industry. Exporting different products of fish is also one of the two main sources of income for the government. Its estimated that there are more than 12000 fishermen in Maldives who spend more than 70 percent of their life in the open sea. Therefore introduction of the mobile banking system, all fishermen are led to access the bank and carry out important transaction any time. This will ease and solve lot of existing difficulties for them regarding banking. It will also circulate more idle cash and contribute to the economy as a whole. Tourism Sector Maldives economy is vastly dependent on Tourism Sector. According to former president of Maldives Mr. Gayoom, tourism is life blood of our nation more than 23 percent of economic workforce is deployed in tourism sector. There are roughly more than 25000 people from 190 different islands working. 90% of these people are stationed at resorts who basically only travels to their native islands twice a year. There are no personal banking facilities at present in most of the resorts. Therefore to send their earnings to support family and receiving money or accessing to banking services are very complicated presently. With the introduction of Mobile banking system, these existing complexities for banking will be solved. MOBILE BANKING: PROS CONS Mobile banking also have unenthusiastic side, though over all mobile banking system is very efficient and generous to business men and other individuals. Pros Banking everywhere any where: Banking is a basic necessity in todays economic world. Accessing a bank or carrying out a banking transaction is all most part and parcel of every day. Mobile banking allows banking from anywhere and everywhere. Physical presence is not required to make a banking transaction. Therefore mobile banking saves time and energy. Important Notifications: The important notifications such as when an account is debited or credited, it will inform in almost no time. Therefore basic banking functions becomes more simple informative on real time. Important means for Accounts Safe keepings It enhances to minimize unauthorized transactions. Since the account holder will be notified immediately via a text. Therefore to be a victim of a bank fraud makes less likely and in case can act upon fraud quickly. Fast and easy payment: Mobile banking allows paying bills, utilities, insurance or any other parallel payments on time. Important means of banking in case of emergency: Mobile banking allows banking 24/7, and more over no waiting time is required. Therefore it is a vital means of banking-in case of emergency Cons Security: Though there are few viruses and Trojans targeted for mobile phones, mobile phone users can be attacked by a phishing scam. For example when a mobile banking user receives a forged text requesting for account passwords it might goes to a hacker pretending as the banker or teller. Compatibility All transaction might not be able to proceed in any phone and for some of the cheaper -phones mobile banking is not compatible at all. To get most out of mobile banking a good smart phone is necessary. Cost Though mobile banking is relatively cheaper and save times, some of the banks charges extra fee for mobile banking and in most of the cases extra software charges are applicable and add upon banking expenses. LITERATURE REVIEW Mobile banking closes poverty gap (BBC, 2010) This report published in BBC by Jane Wakefield, highlights the importance of Mobile banking to transform the way people in the developing world, transfer money and how it is poised to offer more sophisticated banking service which could make a real difference to people This statement highlights that currently there are 2.7bn people living in developing countries who do not have any means to access financial service or banks. Simultaneously 1bn people throughout Africa, Latin America and Asia own a mobile phone (BBC, 2010) Further this report shed lights on Mobile banking as a very powerful way to deliver saving and money transfer services to the billions of people in countries like Kenya and Uganda where there are thousands of people with no means to any access to financial institutions. Over all, this report makes it more vivid that the success of mobile banking in such countries there by closing the poverty gap. Africas mobile banking revolution (BBC, 2009) This report by Luice Greenwood provides the facts and figures of how a mobile banking system could contribute Africas economy so vitally. It also highlights that Millions of Africans are using mobile phones to pay bills, move cash and buy basic everyday items. Africa has the fastest-growing mobile phone market in the world and most of the operators are local firms. Accordingly the statistical data provided throughout the report, briefs about the countries like South Africa and Kenya mobile banking service providers has touched millions of life by means of savings, security and transfer of cash. The simplicity of mobile banking system in Africa is also lessoning the rest of the world. To set up a bank account by a mobile phone is so easy and straightforward that all it requires is that just a phone and ID card to register anywhere from the country by an approved agent. The system activates the account in seconds and depositing and transferring of cash are right away at the fingers tips This report shows how practical mobile banking system can be and how easy it could be serving the larger population like In Tanzania just 5% of the populations have bank accounts. In Ethiopia there is one bank for every 100,000 people. EMPIRICAL EVIDENCE With the introduction of mobile banking system there has been a lot of progress in the socio- economic factors in many countries. The implication of mobile banking seems like more important for developing countries than developed countries where lots of branches of banks are available at a threshold. Countries like Kenya, South Africa and Tanzania has shown the world how important mobile banking system is for under developed and developing nations. Lessons from the lights of literature review, I personally believe in the importance of the introduction of mobile banking system in Maldives. This technology would contribute to government sector, banking sector, fisheries industry, tourism sector and islanders from all islands as a whole. To overcome the shadows cased on banking sector in Maldives, by its natural geographic obstacles mobile banking can be an important tool. PERSONAL VERDICT Providently I have had an opportunity to work for Maldives Tourism Development Corporations as an Operations Manager. To perform my duties and carry out the responsibilities; I have travelled more than 40 Resort Islands and above 45 inhabited islands across the country. During my career, I personally experienced and felt the difficulties of banking by resort workers and local island natives. Though implementation of Mobile banking system in Maldives will undoubted fully Increase economic efficiency and promote social welfare of nation as a whole CONCLUSION The Maldives may be one of the most difficult countries in the world in which to deliver financial services through traditional branch networks. The country occupies 90,000 square kilometres, 99.5% of water. Its 2, 98,968 people live on 198 scattered islands in 26 atolls, and 60% of the inhabited islands have less than 1,000 residents. Given the highly literate population and high coverage of the mobile phone network, there is great potential to use technology to overcome the barriers of geography, low population density and a small population, and deliver financial service at low cost across the country.

what i do when i write Essay -- Expository Process Essays

what i do when i write       What I do when I write depends entirely on what I'm writing, who I'm writing for, and how soon it needs to be done. I have somewhat of a different approach to writing when the piece is for an assignment versus a work of original fiction. I prepare, pre-write, and proofread differently. However, some things remain the same. I still try to get the same amount of feedback from my peers, still put forth the same effort. Whether the work is for pleasure or for a grade, I still follow relatively the same process. Oftentimes, I write outside of school. Frequently, those writings are in the form of poetry, fiction, or an online journal. My poems are expressions of emotions or personal thoughts that I usually have no other outlet for. I write both original fiction and fan fiction, a genre in which stories are written using existing characters from television, movies, or books.    My journal is a means of communication with family and friends that I don't see very often. Here, I often recount funny stories from the day, conve...

the increase in electoral support for the Nazi Party

To what extent was the increase in electoral support for the Nazi Party in the years 1928-33 the result of effective propaganda and electioneering? The years 1928 to 1933 were very significant for the Nazi Party and their leader, Adolf Hitler. After the attempted Munich Putsch, the Nazi Party had well and truly entered the political spotlight of German politics and had successfully re-established itself after Hitler was released from prison in 1924. Following on from being so heavily in the public eye, the Nazi Party had a rise in support due to increased awareness of the party, but 1928 marked a steep increase in this.There are many factors that contributed to this increase in electoral support for the Nazi Party from 1928-1933, but it was largely due to effective propaganda and electioneering. Nazi propaganda was under leadership of Joseph Goebbels, who was able to identify the concerns of all sectors within the German population and use this to create a remarkable propaganda schem e. An example of this is where workers were addressed with posters depicting endless queues of unemployed people, suggesting that Hitler would be able to abolish unemployment – a miracle that was readily accepted by this group.As well as targeting specific groups, Goebbels was able to manipulate a variety of propaganda techniques, from using posters to nursery rhymes to the radio. The Nazi Party presented an image that appealed to everyone through their use of propaganda. It is because of propaganda that they were able to convince the public of their ability to transform the country to one ridden with debts, political instability and embarrassment to a global superpower that was successful in every aspect. Even now, Nazi propaganda is still viewed as a remarkable achievement for the Nazi Party and is undoubtedly one of the main reasons why Nazi support increased from 1928-1933.Electioneering is the other main reason for the increase in electoral support. In terms of Nazi poli cy itself, although it was controversial, Hitler was careful to be very careful about certain points – especially regarding religion. The 25 Point Programme of the Party depicted that it â€Å"represents the point of view of positive Christianity†, whereas in reality the Nazi Party stood for the complete opposite. With the majority of Germans being Christian (2/3 of these were Catholic and 1/3 Protestant), the Nazi’s could not afford to alienate the Church and risk repelling the majority of the electorate. Throughout their electioneering, the Nazi’s used the SA to intimidate the opposition and  sometimes even carry out such violent attacks that political figures, especially Communist politicians, were unable to continue their own electioneering. This allowed the Nazi party to reduce their opposition and allowed them to manipulate the public further using their effective propaganda. As the Nazi Party organised propaganda rallies to build up electoral sup port, they also organised members to attend the rallies disguised as potential voters. This gave the impression that the party was extremely popular and therefore encouraged voters that might otherwise vote for another larger party to support the Nazi’s instead. These propaganda rallies were used to persuaded all of Germany to vote for Hitler and his party because Hitler was able to constantly travel around the country using an airplane. This electioneering meant that he was able to directly address potential supports and use propaganda to convince them to vote Nazi. It could be claimed that Hitler himself contributed largely to the electoral success of the Nazi Party. Many women found Hitler aesthetically attractive and emphasis was placed on his bright blue eyes and his friendly nature towards children. Men found Hitler as a man to admire – he was charismatic and some newspapers even labelled him ‘Hitler the Superman’. Above all, Hitler was a brilliant a uditor and had the ability to captivate audiences that was unmatched by no other politician and delivered speeches with such power that it was hard not to be swept in by his manipulative and misleading words. However, it could not be said that Hitler himself contributed to the increase in electoral support to a larger extent than propaganda and electioneering. Another factor that could be argued to have resulted in the increase in electoral support is the very climate of Germany during that time. Following on from the failure of war in 1918, Germany was stampeded with crises after crises. In economic terms, the funding of the war had resulted in inflation and forced Germany to borrow loans from the USA in order to pay the  £6600 million in reparations. This meant that when America suffered from the Wall Street Crash, Germany was hit by Depression in 1926. Living standards plummeted and Germany was on the verge of a civil war. Consequently, the German people looked towards extremis t parties to provide them with the revolutionary change needed to return Germany to a least a partial stability. Again, whilst this was a big factor in increase of Nazi support, the situation in Germany was balancing out, especially as the effects of hyperinflation were weakening by 1925. Therefore, the hardships that Germany faced during this period cannot be accountable for the increase in the Nazi Party’s electoral success compared to the propaganda and electoral success that was constant throughout 1928-1933. In conclusion, the increase in electoral support for the Nazi Party in the years 1928-33 was the result of effective propaganda and electioneering to a far extent. A variety of factors contributed to this increase, including Hitler’s personality and the downfall of Germany during the post-war years. However, the strongest factors were persistently the Nazi’s propaganda campaign that was led by Goebbels and their electioneering methods. Through this, the y were able to specifically target groups within the electorate and develop the Nazi image itself which drew support from voters and caused the German people to trust them to restore Germany’s former status.

Make a Glowing Ice Sphere Using Ice

There are a few different ways you can make a non-toxic glowing ice sphere. You can even make a glowing crystal ball that you can float in a bowl of punch to drink. Glowing Ice Sphere Materials The most important item for this project is a mold that you can use to make a sphere of ice. You can use a plastic snap-together ball, meant for making your own holiday ornaments or you can fill any hemisphere containers to put together two halves of a sphere. Look for ice cube trays that make rounded ice, small bowls, large measuring spoons, melon ballers, etc. Plastic and metal containers work well; dont use any container made from thin glass, since it may shatter when you are freezing the ice. How to Make Water Glow for the Ice You have a few different ways to make your ice glow. Tonic Water - BlueTonic water glows blue when it is exposed to a black light due to the fluorescence of quinine, the ingredient which gives tonic water its characteristic flavor. You can freeze tonic water and float your ice sphere in a punchbowl. This type of glowing ice is completely safe to eat or drink. Highlighter Water - Any ColorIf you squeeze the ink from a non-toxic fluorescent highlighter pen into water and pour it into a mold, you can get an icy sphere that glows brightly under a black light. Although the ice is non-toxic, it isnt good to eat or drink. Use highlighter ink when you want a wide selection of colors or want brightly glowing ice. Glowing Ice - Greenish YellowIf you mix a little non-toxic glowing paint into some water and make an ice sphere, you will have an ice ball that glows in the dark for an extended period of time. This type of ice makes a great snowball. Shave the ice or slush it up in a blender, pack it into a snowball shape, expose it to a bright light , then turn out the lights and have a snowball fight in the dark. Watch a YouTube video tutorial showing how to make a glowing ice ball and see what they look like.