Savings for the Poor: Banking on Mobile Phones
World Economics, Vol. 11, No. 4, Oct.-Dec. 2010
12 Pages Posted: 25 Aug 2010 Last revised: 12 Jun 2014
Date Written: August 23, 2010
Abstract
The paper reviews the relevance of formal financial services - and in particular savings - to poor people, the economic factors that have hindered the mass-scale delivery of such services in developing countries, and the technology-based opportunities that exist today to make massive gains in financial inclusion. We also highlight the benefits to government from universal financial access, as well as the key policy enablers that would need to be put in place to allow the necessary innovation and investments to take place.
Keywords: Microfinance, Financial Access, Financial Inclusion, Branchless Banking
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