As David Shapiro reminded me yesterday, Warren Buffett believes cheque-writing philanthropists like himself come a poor second to people like his late wife Susie, who give their time and themselves. But when they’re put together, the consequences can be seismic.
The world’s richest man, Bill Gates, is that rare package of both wholesale and retail philanthropy – someone giving both money and skills. Yesterday, the Foundation which bears his and wife Melinda’s names returned to the Microsoft founder’s roots with the unveiling of a free, open-source “internet of payments” called Mojaloop.
It’s difficult to over-estimate Mojaloop’s potential impact. It promises to bring the world’s two billion poorest people into the global economy through access to cheap financial services. But we can get some idea from M-Pesa, the innovative mobile money platform reckoned to have helped 194 000 Kenyan households move out of extreme poverty.
The Gates Foundation has already played a huge role in making the world a better place. But by returning to the field where he made his fortune, the software supergeek from Seattle has bequeathed an even greater gift than the Foundation’s contribution towards eradicating polio and malaria. And he reminded us that when the actors operate from a moral base, capitalism is a powerful contributor to global progress.
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