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 14,267 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

English sculptor Henry Moore was born #onthisday in 1898.
Drawing played a major role in Henry Moore's work throughout his career. He used it to generate and develop ideas for sculpture, and to create independent works in their own right.
During the 1930s the range and variety of his drawing expanded considerably, starting with the 'Transformation Drawings' in which he explored the metamorphosis of natural, organic shapes into human forms. At the end of the decade he began to focus on the relationship between internal and external forms, his first sculpture of this nature being 'Helmet' (Tate Collections) of 1939.
This drawing titled ‘Two Women: Drawing for sculpture combining wood and metal’ was based on a pencil study entitled ‘Ideas for Lead Sculpture’. It reflects his awareness of surrealism and psychoanalytical theory as well his abiding interest in ethnographic material and non-European sculpture; the particular reference in this context is to a malangan figure (malangan is a funeral ritual cycle) from New Ireland province in Papua New Guinea, which had attracted his interest in the British Museum. 
Henry Moore, Two Women: Drawing for sculpture combining wood and metal. England, 1939. Here's another fabulous view of the Great Court captured by @whatinasees at our instagramer event #regram #repost
Check out all of the photos at #emptyBM Vincent van Gogh died #onthisday in 1890. Here's a print of his only known etching. It depicts his doctor, Dr Paul Gachet, seated in the garden of his house.
#vanGogh #etching Beatrix Potter was born #onthisday in 1866. Here are some of her flopsy bunnies! 🐰
#BeatrixPotter Made in AD 700, the exquisite Hunterston brooch was found at Hunterston, Ayrshire during the 1830s. It is a highly accomplished casting of silver, richly mounted with gold, silver and amber decoration. It is sumptuously decorated with animals executed in gold wire and granules, called filigree. In the centre of the brooch is a cross flanking a golden ‘Glory’ representing the risen Christ #MedievalMonday
The Hunterston brooch will feature in our forthcoming #Celts exhibition, on loan from @nationalmuseumsscotland. Encounter an African contribution to the global carnival tradition through contemporary artist @zakove’s Moko Jumbie sculptures in the Great Court. These spectacular 7-metre-high male and female figures in striking black and gold costumes are inspired by aspects of African masquerade. #ZakOve
Find out more about our #Africa season this summer with events and displays at www.britishmuseum.org/whats_on/celebrating_africa.aspx
Follow

Get every new post delivered to your Inbox.

Join 14,267 other followers

%d bloggers like this: