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NexThought Monday 12/16/13: Is India looking at financial inclusion backwards?
Despite the huge potential of solutions like mobile finance and branchless banking, the growth of these services in India has been slow and patchy. But the country’s mobile banking agenda has been driven largely by government-to-person social welfare payments, compelling service providers to start with the toughest market sub-segment – poor rural households. Should India invert its approach and target business segments first?
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Why Mobile Wallets Won’t Work in India… Yet: The need is there, but obstacles remain
India has more competing mobile network operators than any other country, and it’s one of the largest and fastest growing mobile markets in the world. It’s also one of the most problematic countries for financial inclusion, with half the population lacking access to formal banking services. Mobile banking seems like an obvious solution, but as Ritesh Dhawan of MicroSave explains, implementing that solution is not so simple.
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Mobile Banking Moves Ahead in Nigeria
As a result of the innovation in the Nigerian payment system, mobile phones have rapidly become a major medium for banking and payment for transactions, writes Nume Horsfall.
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- Region
- Sub-Saharan Africa
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Uganda: Mobile Money Gives Banks a Run
To Richard Mwebaze, the message was loud, clear and a welcome relief from those dreaded bank queues. The head teacher at one of his children's school said parents were now free to pay school fees by mobile money.
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- Uncategorized
- Region
- Sub-Saharan Africa
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- mobile finance
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Philippines’ Quezon City and USAID Launch Mobile Money System
The Local Government of Quezon City, in collaboration with the U.S. Embassy Manila’s United States Agency for International Development (USAID), has launched an innovative mobile money system.
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- Region
- Asia Pacific
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- governance, mobile finance
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Latin American Nations Increase Usage of Bank Card and Mobile Payment in Online Commerce
Research and Markets' new Latin America Online Payment Methods 2013 - Second Half 2013 report indicates that online payment continues its growth in the emerging markets of this dynamic region.
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- Education
- Region
- Latin America
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Bank of Mexico opens the way for money transfers via mobile devices
The goal is to give bank customers the ability to move funds "with greater ease and safety via cellular phones or other devices that have a linked mobile telephone line," the central bank said in a statement.
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- Uncategorized
- Region
- Latin America
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- mobile finance
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Big banks see rich opportunities in world’s poorest
When the Afghan government used mobile phones instead of cash to pay some of its policemen, the officers thought they'd just had a 30 percent pay rise. In truth, they had just been paid the full amount, with nothing skimmed off by middlemen, for the first time.
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