A Brave New World of Mobile Money
The Banker explored mobile money’s potential to bring financial inclusion to the world’s 2 billion unbanked population.
Discussing the trend for microfinance institutions to partner with fintech organizations, the article stated:
Mobile money is also encouraging new partnerships between traditional financial institutions and fintechs. For example, FINCA, a microfinance institution, recently partnered with a Pakistan-based fintech called Finja to increase financial inclusion in the country through a ‘fully strapped’ mobile wallet with savings and other services beyond payments such as loans.
“Customers can do all their bank transactions remotely, even account opening,” says Rupert Scofield, the co-CEO at FINCA.
FINCA has signed up 5000 retailers in Pakistan who are willing to accept payments via the mobile wallet. It has completed the first pilot with 1200 employees and plans to roll out the product to the first 5000 customers in October.