Vodafone says policy shortcomings, lack of awareness derailing mobile money growth in India

Tuesday, February 3, 2015

NEW DELHI: Vodafone India has said that regulatory hurdles and lack of financial inclusion awareness is limiting the growth of mobile money, at a time when the government is pushing for greater financial inclusion through the Pradhan Mantri Jan Dhan Yojna.

Under the ambitious scheme, Centre aims to bring in nearly 40% of population under comprehensive financial cover through banking accounts, while more that 10-crore physical bank accounts have been opened so far.

Awareness about financial inclusion and financial literacy needs to be intensified. Stakeholders, including the regulators and policy makers, should launch large scale awareness programmes, Suresh Sethi, business head, Vodafone m-pesa told ET.

Source: Economic Times (link opens in a new window)

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government, mobile banking, mobile finance, mobile money, regulations