Mobile banking boosts Maldives

The small Indian Ocean nation of the Maldives has begun setting up a pioneering system which it hopes will make it one of the first countries whose citizens bank primarily using mobile phones, reports the BBC.

All the country's banks have been brought together under a single system to allow the islands' residents to pay money in and out swiftly without the need to travel to the nearest branch - which could be many miles away.

The Maldives received a US$7.7m loan from the World Bank in April, allowing it to begin establishing m-banking. It was seen as an ideal place to start up, with a relatively high GDP and lots of people with mobile phones. "

emily | 4:06 PM | SMS and Banking |
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