Report: New mobile money propositions have the potential to reduce the world’s unbanked population by more than a third

Tuesday, April 2, 2019

A new report from Mastercard confirms the power of mobile technology to improve financial inclusion. The research shows that 15 countries account for over 60% of the global unbanked population, where 607 million people have a mobile phone but do not yet have a bank account. Mobile technology could, therefore, provide them with immediate access to the benefits of financial inclusion.

In all but one of these 15 countries (India) people with a mobile phone outnumber those with a bank account by several million (rising to 204 million in China).

However,  Ann Cairns, Vice Chairman of Mastercard emphasises a key finding of the report: “Simply providing access to financial services is not enough. To achieve any real impact, people also need to become active users of financial products.”

Photo courtesy of Pixabay.

Source: IBS Intelligence (link opens in a new window)

Finance, Technology
financial inclusion, fintech, mobile finance