Picking Up the Slack: Mobile Technologies as Alternative Development Financing

Across the developing world, the revolution in mobile telecommunications technology is driving massive changes in access to financial services. Currently, there are 2.7 billion “unbanked” people in developing countries (.pdf). They have few effective ways to save money; accessing credit and transferring money is difficult and expensive; insurance is a dream. Yet, to break cycles of poverty, the poor need access to affordable and versatile financial services. The rapid uptake of mobile phones, even in remote areas and among the poorest of the poor, has the potential to significantly increase financial inclusion. The Grameen Foundation estimates that nearly 40 percent […]

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