Mobile banking without a phone: Here comes the bank van

Tuesday, November 12, 2013

Mobile banking vans in Uganda, Rwanda, and the Philippines now offer bank accounts, financial education, and microinsurance to rural customers who previously had little access to financial services.

Including the rural poor in formal financial systems can be difficult because of the high cost of traditional banking models, which include brick-and-mortar branches. Although developments in mobile phone banking are on the rise, some banks are trying a less high-tech kind of mobile bank – one on wheels.

Source: Christian Science Monitor (link opens in a new window)

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branchless banking, financial inclusion, mobile finance, unbanked