Corporate News
World’s unbanked turn to cellphones for money services
In just two years, Safaricom’s M-Pesa and Zain’s Zap, now allow 20 per cent of the country to access financial services through phones. Photo/FILE
By Kui Kinyanjui
(email the author)
Posted Thursday, November 26 2009 at 00:00
Posted Thursday, November 26 2009 at 00:00
In Summary
- The mobile phone will in 10 years be the tool of choice for the world’s 2.7 billion unbanked people
- Most consumers will use their phone as a key financial tool, but they will not abandon financial institutions,
- Across Africa, Latin America and Asia, the number of people who do not have accounts but have phones will rise from 1 billion today to 1.7 billion by 2012.
These individuals represent a compelling market opportunity for service providers and financial institutions, who have both moved to establish products that fuse the internet, financial and mobile sectors.
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