Whose Bank?
A very idyllic picture was created in the Wall Street Journal article “Why Can’t the World Bank be More Like a Bank” which suggests:
Under this proposed policy, the Bank would establish, manage, and oversee individual accounts for citizens or institutions in Third World countries, as well as directly contribute to those accounts. New technology — electronic fingerprint recognition — can be used to ensure that only one account is opened for any given Third Worlder. The accounts would serve three functions: checking, saving and investing…The accounts would be the private property of their owners, who would be free to add to or withdraw from their balances via ATMs located at home or abroad. Overnight, developed countries, other development banks, NGOs, private charities, and private individuals would have a means of directly helping Third Worlders. They’d simply write out a check to the World Bank, designating the country they wanted to help. The Bank would then uniformly increase the balances of all account holders from that country.
However a number of major flaws in the ‘new plan’ have either been glossed over or ignored. Allow me to present the hypothetical story of a young woman from sub-Saharan Africa whose country has recently adopted the ‘new World Bank’.
My cousin from the city has sent me word that we are all entitled to a bank account with the World Bank. I am not sure if the news is true since we have limited communications here in the countryside but it does sound like a nice idea.
Our local representative has confirmed my cousin’s story; soon we will have our bank accounts. We need to prove our citizenship first and then have our fingerprints scanned but I’m sure they will send someone here to do all that soon.
The registration center will be arriving in our village next week. Our local official has advised us that there will be a small charge to register which he will collect before giving the list of eligible villagers to the people from the capital who will do all of the paper work for us.
There was another fee charged by the registration center to include our village in the national registry, I now have no money left to deposit but other countries will be giving us money soon so that we can get things like medicine and electricity.
Our bank accounts have money in them now. I spoke with father about using some of the money to take a computer course in the city but he says that I must give it to my brother instead so that he can buy a car to start a taxi business. I will do as he says of course because that is my duty to my family.
My brothers’ car has broken down and we haven’t received any additional money from the rich countries, he will not be able to work until the rich countries decide to give us something else.
The government says they can’t fix the bridge across the river. Our local official spoke with the heads of the other villages on this side of the river about using some money from each of our accounts. The other villages say that we should pay more since we are closest to the bridge but my father and the other men think that they are just trying to take advantage of us.
The local center is charging a new withdrawal fee, our accounts were supposed to be free but they say that maintaining the sites and technology is getting too expensive, if they don’t get enough in fees we will have to walk six hours to the next closest center.
The irrigation channels that bring water to our fields are running dry. The local official says that the dam upstream is not being maintained any more because the government doesn’t have enough money. All of the villages decided to get together to fix the dam but nobody knows anything about dams so we will have to bring someone in from the city. It will be expensive to do that but we have no choice.
Father says that I must give him the rest of my money so that he can go to the city to find the man to fix the dam. I will give him my money and pay the withdrawal fee because somebody needs to fix the dam so that we can grow our crops. I wish we had a bridge so that my father could drive to the city, that is assuming, of course, that we could get my brothers’ taxi working again.







