NextBillion.net - Development Through Enterprise - c2it by Citibank - Comments

Thanks for the C2IT Update

John Paul — Mon, 28 Nov 2005 17:31:36 -0500

Thanks Peter, I appreciate the heads-up. I've changed the project's status to inactive. I also don't disagree with your assessment of most MNCs, which is one of the primary motivations for setting up NB.net - to demonstrate the profit potential of ventures that DO make investments in poor communities which drive local development.

I think if businesses that enter this market don't look beyond the concept of sachet marketing then there will likely be even more collateral economic damage as MNCs increasingly market items that poor consumers don't necessarily need but are enticed to buy. To create a win-win scenerio, there must be a direct link between the profit of the venture and the well-being of the end consumer. Although there are a few good examples of this out there, they are - like you point out - often drowned out by the steady stream of corporate PR that puts even the worst offenders in a good light.

C2IT Service has been discontinued

_Peter Burgess — Mon, 28 Nov 2005 12:05:25 -0500

Dear Colleagues

The CitiBank C2IT service has been discontinued. I think it stopped about 2 years ago ... I remember it well because I was relying on the service to get paid from some customers in Africa!

I am concerned about the perception of large corporate performance resulting from reading press releases and seeing corporate PR ... and the reality of corporate behavior especially overseas.

The big banks seem to have done more to facilitate removal of funds from poor countries than they have to make investment in poor communities a driver of local development ... I understand the corporate need for profit, but it should not totally ignore the collateral economic damage that affects the population at large.

Broadly speaking, I am not impressed with CitiBank

Sincerely

Peter Burgess
www.tr-ac-net.org

c2it by Citibank

admin — Wed, 31 Aug 2005 10:43:17 -0400

Managing Organization: Citibank

Activity URL:

http://www.c2it.com/

Activity Description: The new c2it service offered by Citibank charges a low, flat fee for money transfers from the U.S. to over 120 countries in the world using the Internet. The sender does not have to own a Citibank account, but rather registers with c2it online. Overseas recipients do not need to have an e-mail address or computer to receive the funds. As opposed to charging a percentage rate for transfers, c2it charges a flat rate of $10 for international checks, and $15 for direct deposits.