from Development Channel

Democracy in Development: New Partnerships for Mobile Banking in the Developing World

July 16, 2012

A man scrolls through his mobile phone to carry out a transaction via M-Pesa in Nairobi, Kenya on May 12, 2009 (Noor Khamis/Courtesy Reuters).
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Technology and Innovation

Last week on my blog, Democracy in Development, I discussed how two major financial players, Visa and Citi, are becoming involved with mobile banking in developing countries. Their participation could play a crucial role in extending financial services to the world’s “unbanked” population. As I conclude:

With the spread and growing sophistication of mobile money systems in the developing world, it is likely that some aspects of retail banking—namely, widespread and easy use of mobile money—in many poor countries will surpass that in the developed world. In some places, it already has.

You can read the full blog post here.