“If we were building a financial system from scratch today, we’d do it on a digital platform,” Bill Gates once said in an address on behalf of the Alliance for Financial Inclusion. A new report sponsored by the GSMA, or Groupe Speciale Mobile Association, presents important statistics about how financial inclusion and cross-border partnerships are changing the local economies (or not) for a population that has been largely without access to the financial tools and systems that characterize developing markets and economies. The “unbanked,” as the report references, can now rely on a mobile phone to provide low-cost and more convenient access to financial services such as mobile payments and money transfers. As the report highlights, mobile money is increasingly enabling digital payments on a global scale.
Read the full report here: