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a key report from mckinseys in 2009 found that 2.5 billion adults, just over 50% of the worlds' adult population, do not use formal financial services. 62% of adults living in the developing nations of asia, africa, latin america and the middle east are excluded.
a recent survey studied the domestic remittances market in sub-saharan africa. It discovered that 31 percent of adults used only informal, cash-based methods to move money domestically such as informal money carriers, sending money via friends, or simply carrying cash themselves to deliver it in person. (bill and melinda gates foundation).
mobile money can, and is, replacing this informal system and spreading the use of banking facilities particularly in east africa bill payments, social security payments, microinsurance and more, to the unbanked population of the world.
in africa and south east asia, the number of gsm mobile connections has doubled in the last four years, in southern asia, it has more than tripled within the same timeframe. The potential for mobile technology, in particular mobile money, to improve peoples lives vastly increases and the opportunity for increased social inclusion arises.
whilst the developed nations in north america and europe are seemingly hesitant in adopting mobile money (less than 20% of all uk consumers want to use their mobile phones to make payments) it still seems that the rise of mobile money phenomenon is unstoppable.
the international tel......Read More detail
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