International Telecommunication Union sets up mobile money focus group
Friday, June 27, 2014
The International Telecommunication Union (ITU) has established a focus group on mobile money, setting its sights on global financial inclusion.
The ITU said over 2.5 billion people do not have access to bank accounts, most of them in developing economies.
“Internationally standardised ‘mobile money’ platforms will increase financial inclusion to the benefit of socio-economic development worldwide,” it said, adding digital financial services are capable of improving the delivery of basic financial services.
“The extraordinary impact of mobile money solutions in developing countries has highlighted that ICTs are at the heart of innovation in financial services,” said ITU secretary-general Hamadoun I. Touré. “What is lacking is an international standard that will allow interoperability between the services offered by different operators.”