June 15, 2009
Mobile money to poor seen $5 billion market in 2012
The market of mobile financial services to poor people in emerging markets will surge from nothing to $5 billion in 2012, U.S.-based microfinance policy and research center CGAP said on Monday. Reuters reports.
The market began in early 2007 with a launch of Safaricom's M-PESA in Kenya, which has attracted 6.5 million customers, or one in six Kenyans.
Operators in several emerging countries have followed, and by end-2009 CGAP expects more than 120 mobile money implementations in developing markets.
The new estimates are part of GCAP's joint study with industry group GSMA on estimating the size of mobile financial markets. The study is due to be published next week at the Mobile Money Summit in Barcelona.
Pickens said on top of the $5 billion, telecoms operators could save up to $2 billion from lower customer turnover, and the takeup of financial services would lift by $1.10 their average monthly revenue per user (ARPU).
Image and related article from Reuters.
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