GFG GROUP - NEWS ARCHIVES - 2006
Mobile phones may be key to banking the poor
08 November 2006
GFG's Peter Goldfinch was recently invited to the Maldives by an international funding agency working closely with the World Bank - to discuss an initiative to deploy mobile payments technology to between 30 and 40 developing countries.
More than a billion poor people lack access to basic financial services. The funding agency is comprised of 33 public and private development agencies working together to expand access to financial services for the poor in developing countries. Headquartered at the World Bank in Washington, the funding agency is a resource center for the entire micro finance industry, where it incubates and supports new ideas, cutting-edge technology, and novel mechanisms for delivering financial services.
the funding agency is investigating mobile phones as a way for poor countries to access micro payments, electronic money and banking services. The consortium is currently doing research in the Philippines and South Africa to find out what makes poor people use or reject these services, and how remotely mobile banking can reach.
Mobile phones have the advantage of being both familiar and always on, says GFG Group Sales and Marketing Manager Marie Tamplin-Woods.
"It's a reasonably familiar device so the training required is minimal, and because mobile phones are generally always connected to the network banks can receive transaction details as soon as the transaction takes place. More than 17 million people use GFG's mobile payments application in the Philippines: we hope our knowledge and experience in this area can help the funding agency in their efforts to improve people's lives by establishing access to financial services."
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