In the Economist:Extending mobile money to other poor countries, particularly in Africa and Asia, would have a huge impact. It is a faster, cheaper and safer way to transfer money than the alternatives, such as slow, costly transfers via banks and post offices, or handing an envelope of cash to a bus driver. Rather than spend a day travelling by bus to the nearest bank, recipients in rural areas can spend their time doing more productive things. The incomes of Kenyan households using M-PESA have increased by 5-30% since they started mobile banking, according to a recent study.More here
via Next Big Future
photo courtesy of the Economist
2 comments:
It's really amazing how mobile phones are revolutionizing the finance industry-- it seems to be an ideal way of reaching the "unbanked." Mobile banking is also making a huge difference for remittances. Even apart from the reduced time and cost to remit money through phones, it also means reaching a larger group of people: 86% of people who receive remittances have mobile phones, compared to 10% with bank accounts.
www.fnb.co.za/news/archive/2009/20090921cblotto.html
Something that would be of interest for you to read, the article goes to show growth and adoption of innovative banking technologies.
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