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Bringing banking to the masses, one phone at a time

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  • Koech, Janet

Abstract

More than half of the world’s adult population lacks access to formal financial services. The proportion is greater in developing countries, where 64 percent on average do not have bank accounts, compared with 17 percent in developed nations. Mobile communications technology is fast becoming a conduit of change. Cell phone subscriptions have mushroomed to cover 75 percent of the global population, enabling mobile banking networks to sprout and reach the unbanked, disproportionately in developing nations.

Suggested Citation

  • Koech, Janet, 2012. "Bringing banking to the masses, one phone at a time," Economic Letter, Federal Reserve Bank of Dallas, vol. 7(11), pages 1-4, October.
  • Handle: RePEc:fip:feddel:y:2012:i:oct:n:v.7no.11
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