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Mobile Banking on the Increase in
Developing Countries
Mobile
banking is becoming
more and more popular in
countries of the Third World.
While in developed countries
almost all people have bank
accounts, only a small part of the
population in underdeveloped
countries has access to banks.
In mobile banking, a person who
wants to send money does so by
sending the amount via text to the
receiver’s phone number. The
person who receives the money
goes to an authorized local shop
and withdraws the cash.
There are many examples of The number of mobile
mobile banking in the Third
World. Hospitals in Tanzania
banking customers is expected to
rise in Third World countries
send money to women so that from currently 60 million to
they can pay for the bus fare to almost a billion in 2015. Over
the hospital. In Afghanistan, the 80% of these costumes live in
government pays its policemen Latin America, Africa,and Asia.
by mobile phone. Coffee
In the developed world mobile
plantation owners in East Africa
banking has not become a serious
send workers their money via
option because most customers
text.
have bank accounts and transfer
Many mobile phone their money via Internet banking.
companies are taking over As more and more Americans and
banking services in Europeans buy smartphones
underdeveloped countries. In the mobile banking will probably
last two years, almost one increase.
million people in six African
countries have signed up with
European mobile operator
Orange. In Kenya and Tanzania,
British operator Vodaphone has
20 million customers who send
money to other people in the
country and abroad.