How Mobile Banking Can Transform Development
Mobile money (mMoney) can transform development. All of the sudden, we live in a world where you don't need to build a bank to serve families with savings and loans services -- you can simply use a phone. Today, people can store money instantaneously using their phone. They can also send money seamlessly to friends and family in need. This accelerates financial inclusion for the 1.8 billion people with access to a phone but not a bank. It also contributes to USG goals like improving transparency, rooting out corruption, and enabling the private sector and local entrepreneurs to solve public problems. In a world with 500,000 bank branches and 4 billion phones, mMoney shifts the financial paradigm.