British Museum blog

Finding out how money actually works


Maxim Bolt, researcher, British Museum

I am the anthropologist on the British Museum’s Money in Africa project. I have come to Malawi, in central-southern Africa, to explore how money actually works – in action, outside the glass-fronted cases of our gallery in the Museum.

Maxim Bolt, right, conducting research in Southern Africa on a previous project

Maxim Bolt, right, conducting research in Southern Africa on a previous project

Living and spending time with people in Blantyre, the country’s economic hub, I am learning about how people handle their cash. And, in a country where more and more people have bank accounts, I am learning what people use them for.

This might all sound obvious, but here are a few quick first impressions that point to differences from what UK readers might be familiar with. The highest value banknote – 500 Malawian Kwacha (MK500) – is big, colourful, covered in elaborate security features, and often brand new. It looks and feels high value. But it is worth about £2, and large payments involve thick wads of notes (plastic cards are almost never used). Meanwhile, although the cost of a newspaper is MK200, people use the battered MK20 and MK50 notes all the time. Public transport in mini-buses, for example, costs MK50 or MK70. As I quickly discovered, all this means a lot of paper.

And bank accounts? Considering all the paper, it is maybe unsurprising that, for some businesspeople I have met in Blantyre’s poorer, high-density urban areas, bank accounts offer protection against losing everything in a household fire, or a robbery. For others, bank accounts take all of those banknotes out of the everyday politics of family life. As I get to know these and other people better during my three months here, I hope to discover more about their concerns and goals. And I hope to understand the effects of people taking their cash out of their homes and businesses.

My research in its early days has taken me to poor urban areas and wealthy suburbs, to the streets of the city centre and to a peri-urban settlement (a settlement adjoining an urban one) built on the steep banks of a small stream. As I gradually learn more about the everyday realities of money in Malawi, I will be updating this blog, and would welcome any comments or questions. Hopefully, my posts will give you a sense of how wide-ranging the British Museum’s research is.

If you would like to leave a comment click on the title

Filed under: Money in Africa, Research, , , , ,

4 Responses - Comments are closed.

  1. Having been to Egypt a few times I am familiar with `well used` notes in circulation.
    God help you if the only note you have has been torn and not carefully sellotaped back together, it may not be accepted.
    The problem that many people in Egypt have, is to open a bank account you must have some sort of ID, to get that you must have a place of abode and be registered. This will open up another whole can of worms, like where do you work, who do you work for, do you pay taxes, if not why not? To say nothing of the same questions being asked of your employer.

    Like

  2. Maxim Bolt says:

    @Stewart Herring, thank you for this example from Egypt. Many of the people I know who have bank accounts are small businesspeople who get microfinance loans – I suspect these are people in rather different circumstances to those you refer to in Egypt. But, for many, there are doubtless very similar concerns to those you describe.

    As for the well-worn banknotes: there are some very, very battered pieces of paper circulating. But equally noticeable is the number of freshly printed notes. The contrast between old and new is quite marked, to say the least. And certainly when it comes to the highest value banknote, MK500 (around £2), they tend to be in good condition, and often noticeably crisp.

    Thanks again for your comments.

    Maxim Bolt
    Researcher, Money in Africa
    The British Museum

    Like

  3. I think that’s true to some extent. we need to keep in mind that I feel that, to begin with, the Egyptian people have been going through decades of economic hardship, poverty. And in a sense, thus they are completely disempowered.

    Like

  4. Stewart Herring says:

    Of course there are the micro-finance loans that generally go unrecognised.
    For example, a friend of mine has many little businesses, one of them is that he sells blankets. I’ve seen that people come to his house and pay a little at a time and he always notes it down in his little cash book. To us, that may be hire purchase but to you that is probably called microfinanace

    Like

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 15,609 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

This wonderful photo by @what_fran_saw captures the stunning Great Court #regram #repost
The two-acre space of the Great Court is enclosed by a spectacular glass roof made of 3,312 unique pieces!
Share your photos of the British Museum with us using #mybritishmuseum and tag @britishmuseum The roaring lions on the walls of King Nebuchadnezzar II’s palace represented the Babylonian king himself and were intended to astonish approaching visitors. Nebuchadnezzar commissioned major building projects in Babylon to glorify the capital of his empire. Glazed bricks in bright shades of blue, yellow and white were favoured for public monuments in order to emphasise both divine and royal power. These works displayed the might of the city and its king, who commanded unlimited resources.
Glazed brick panel showing a roaring lion from the Throne Room of Nebuchadnezzar II, 605–562 BC. From Babylon, southern Iraq. On loan from Vorderasiatisches Museum, Berlin.
Share your photos using #mybritishmuseum and tagging @britishmuseum.
#lion #art #history #BritishMuseum Lions have perhaps been adopted as a symbol more than any other animal. They are seen as proud, fierce and magnificent – characteristics that made kings and countries want to associate themselves with these charismatic big cats. As well as being the national symbol of England and Scotland, the lion is in many ways the symbol of the British Museum. Lions guard both entrances to the building. At the Montague Place entrance are the languid lions carved by Sir George Frampton, and on the glass doors of the Main entrance are the cat-like beasts designed by the sculptor Alfred Stevens in 1852.
This lion can be found on the wooden doorframe at the south entrance to the Museum, and its nose is polished smooth by the many visitors who rub it for luck on their way in. Share your photos using #mybritishmuseum and tagging @britishmuseum This colossal lion in the Great Court is one of the most photographed objects in the Museum. It weighs more than 6 tons and comes from a tomb in the ancient cemetery of Knidos, a coastal city now in south-west Turkey. The tomb stood on the edge of a cliff overlooking the approach to Knidos harbour. The building was 18 metres high and the lion was on top of its pyramid roof. The hollow eyes of the lion were probably originally inset with coloured glass, and the reflection of light may have been an aid to sailors navigating the notoriously difficult coast. It is carved from one piece of marble, brought across the Aegean Sea from Mt Pentelikon near the city of Athens. Opinions vary as to when it was built. One suggestion is that it commemorated a naval battle off Knidos in 394 BC.
We’ll be sharing more lovely lions this week! Share your photos using #mybritishmuseum and tagging @britishmuseum. Our next special exhibition will explore the remarkable story of Sicily. Discover an island with a cosmopolitan history and identity – a place where the unique mix of peoples gave rise to an extraordinary cultural flowering.
Norman Sicily was a centre of multiculturalism and its art reveals a unique mix of influences. The Norman kings invited Byzantine mosaicists from Constantinople to decorate their cathedrals and palaces. Spectacular golden mosaics can still be found in Roger II’s palace chapel and the cathedrals at Cefalù and Monreale. This mosaic, depicting the Virgin Mary, is all that remains of the extensive mosaics that once decorated Palermo Cathedral.
Book now for #SicilyExhibition, opening 21 April 2016 at britishmuseum.org/sicily 
Mosaic of the Madonna originally from Palermo Cathedral. Sicily, AD 1130–1189. © Museo Diocesano di Palermo.
#Sicily #Italy #art #mosaic #exhibition #BritishMuseum Our #SicilyExhibition, announced today, will be the first in the UK to explore thousands of years of Sicily’s cosmopolitan history. The Greeks arrived in Sicily from 8th century BC, which led to a flourishing of art and culture.
This gold libation bowl, which dates from around 600 BC, was found in an ancient tomb at Sant’Angelo Muxaro in the 18th century. The bowl is decorated with six bulls. Anyone owning a bull would have had high status and commanded respect within the community. Although likely the work of local craftsmen, the bowl combines Greek and Phoenician designs. This blend of influences was typical of many objects made in Sicily between 800 and 600 BC due to contact with new settlers.
Book now for #SicilyExhibition, opening 21 April 2016 at britishmuseum.org/sicily 
#Sicily #Italy #art #exhibition #BritishMuseum
Follow

Get every new post delivered to your Inbox.

Join 15,609 other followers

%d bloggers like this: