March 11, 2016

How Many Use Mobile Phones to Access Financial Services?

How Many Use Mobile Phones to Access Financial Services?

Think mobile phones are just for talking? For millions of unbanked and low-income people around the world, mobile phones provide access to reliable and secure financial services.

Recently, GSMA, an association of mobile operators worldwide, released their 2015 State of the Industry Report on Mobile Money to track mobile money growth. The report found that the number of mobile money accounts increased by 31 percent in 2015. Today there are 411 million mobile money accounts globally. Moreover, mobile money is accessible in 85 percent of countries where a bank branch is not available for the vast majority of the population. Sub-Saharan Africa accounts for the majority of live mobile money services (52 percent). However, more than half of new services launched in 2015 were primarily in Latin America and the Caribbean.

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Source: State of the Industry Report on Mobile Money, February 2015.

FINCA has been part of this global growth, by providing mobile banking services to low-income people who need access to funds to build businesses and change their lives. With our mobile banking services, remote and low-income populations can perform transactions without the long trip to the branch, saving more time to build their businesses. They can also access their accounts from anywhere, keeping their funds safe from theft or loss. As a result, our clients can better manage their money to support their families and prepare themselves to cope against any potential economic shock.

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Source: State of the Industry Report on Mobile Money, February 2015.