Mobile Banking to Help 2 Billion People by 2020: Study
Thursday, June 30, 2011
FRANKFURT (Reuters) – Mobile financial services are expected to improve the lives of around 2 billion people in developing countries within a decade and boost economies, a Boston Consulting Group study found.
“Overall, mobile financial services can reduce financial exclusion by 5 percent to 20 percent through 2020 and increase gross domestic product (GDP) by up to 5 percent, with Pakistan, for instance, potentially seeing a 3 percent uplift,” the study said.
It added that improved access to finance fostered entrepreneurship, new business creation and new jobs.
The report, released by Norwegian telecom group Telenor on Tuesday, focused on five countries — Pakistan, Bangladesh, India, Malaysia and Serbia — which represented a broad development range, it said.
Some 72 percent of the population in developing countries are without access to banks or credit cards according to the study.