Mobile banking is becoming increasingly popular in developing countries as it provides access to financial services for many who do not have bank accounts. An estimated 60 million people in developing countries currently use mobile banking, a number expected to rise to almost 1 billion by 2015. Mobile network operators have helped expand mobile banking services, signing up over 1 million new customers in six African countries in just two years. Mobile banking allows people to transfer funds through text messages, with recipients withdrawing cash from authorized local shops.
Mobile banking is becoming increasingly popular in developing countries as it provides access to financial services for many who do not have bank accounts. An estimated 60 million people in developing countries currently use mobile banking, a number expected to rise to almost 1 billion by 2015. Mobile network operators have helped expand mobile banking services, signing up over 1 million new customers in six African countries in just two years. Mobile banking allows people to transfer funds through text messages, with recipients withdrawing cash from authorized local shops.
Mobile banking is becoming increasingly popular in developing countries as it provides access to financial services for many who do not have bank accounts. An estimated 60 million people in developing countries currently use mobile banking, a number expected to rise to almost 1 billion by 2015. Mobile network operators have helped expand mobile banking services, signing up over 1 million new customers in six African countries in just two years. Mobile banking allows people to transfer funds through text messages, with recipients withdrawing cash from authorized local shops.
Developing Countries Mobile There are many examples of The number of mobile mobile banking in the Third banking customers is expected to banking is becoming World. Hospitals in Tanzania rise in Third World countries more and more popular in send money to women so that from currently 60 million to countries of the Third World. they can pay for the bus fare to almost a billion in 2015. Over While in developed countries the hospital. In Afghanistan, the 80% of these costumes live in almost all people have bank government pays its policemen Latin America, Africa,and Asia. accounts, only a small part of the by mobile phone. Coffee In the developed world mobile population in underdeveloped plantation owners in East Africa banking has not become a serious countries has access to banks. 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 In mobile banking, a person who European mobile operator wants to send money does so by Orange. In Kenya and Tanzania, sending the amount via text to the British operator Vodaphone has receiver’s phone number. The 20 million customers who send person who receives the money money to other people in the goes to an authorized local shop country and abroad. and withdraws the cash.