Mobile phones become pocket banks in poor countries

The Economic Times of India has an interesting article on mobile banking, quoting figures from the GSM Association, an industry group of 800 wireless operators.

Mobile money applications are emerging as potent financial tools in rural and remote areas of the globe, allowing people with no bank accounts to get paid, send remittances or settle their bills.

-- One billion consumers in the world have a mobile phone but no access to a bank account.

-- Mobile banking began to emerge six years ago in the Philippines and South Africa, where 8.5 million and 4.5 million people, respectively, use such services.

-- Today, 40 million people worldwide use mobile money, and the industry is growing.

-- There are 18,000 new mobile banking users per day in Uganda, 15,000 in Tanzania and 11,000 in Kenya.

Read full article.

emily | 9:54 AM | SMS and Banking |
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