Mobile banking is set to close the gap in poverty.

Almost 3 billion people living in the developing world do not have access to any type of financial service. Yet interestingly, 1 billion people throughout Africa, Latin America and Asia own a mobile handset.

Mobile banking is a powerful way to deliver savings services to people across the world who own a mobile phone but do not have access to a bank account.

Many companies have seized this opportunity to bridge the gap, changing the way in which people in developing countries transfer money. As a direct result, mobile money services are now appearing at a very high rate.

The mobile industry group GSMA has revealed that the figure for mobile money systems in operation across the globe now stands at 65, with a further 82 due to be launched.

M-Pesa in Kenya provides a basic service allowing users to perform money transfers. The service attracted 9.4 million Kenyans in just under three years. Building on its success, M-Pesa is now partnering with Kenya’s Equity Bank which will offer subscribers a savings account, called M-Kesho.

These virtual bank accounts will allow customers to earn interest on their money and access credit and insurance products. The strength in savings and investments can make a huge difference. It is hoped that this service will remain popular and may, in time, help to secure a route out of poverty.

7 Responses to “Mobile banking is set to close the gap in poverty.”

  1. found your site on del.icio.us today and really liked it.. i bookmarked it and will be back to check it out some more later

  2. [...] This post was mentioned on Twitter by Erica Jones, Erica Jones. Erica Jones said: Can mobile banking help to secure a route out of poverty in the developing world? http://ow.ly/1Z91L [...]

  3. Waiau says:

    I have been surfing online more than three hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. In my opinion, if all webmasters and bloggers made good content as you did, the internet will be much more useful than ever before.

  4. Peter says:

    Thanks so much for this very informative blog. I’ll bookmark it!

  5. Nowack says:

    That is pretty helpful. It gave me some ideas and I’ll be placing them on my web site eventually. I’m bookmarking your website and I’ll be back. Thanks again!

  6. Nuckels says:

    All I can say is keep it up. This weblog is so needed during a time when anyone just wants to talk about how trivial life is. Thank you for bringing intelligent telecoms back to the web, its been sorely missed. Excellent posts. Please preserve it and keep it coming!

  7. Jason Trulson says:

    This is my first time visiting your blog. I do envy you since you seem to get a lot more comments then I do. Do you have any secret tips on how I can get more comments or do I just have to be paitent? Anyway, keep up the good work.

Leave a Reply