The Mobile Money Revolution Part 2: Financial Inclusion Enabler

Abstract

Globally, more than 2.5 billion adults do not have a formal bank account, most of them in developing economies. Low levels of financial inclusion represent a barrier to socio-economic development in developing countries. Mobile money can be a game changer for the poor and an enabler for financial inclusion in developing countries. This second part of the report on mobile money considers innovations driving mobile money transfer applications in developing countries and how these are contributing towards achieving the goals of financial inclusion. This report also reviews the technical standards behind securing mobile money transfer services.