Latest Mobile App Development Tends

Providing best mobile app solutions

Mobile money & Agent banking – The future looks bright!

Around 1.7 billion people worldwide do not have access to basic banking services such as credit card and savings account. But digital financial services has the potential to bring those 1.7 billion people into the financial system.

       

In order to make that happen, however, people need a mechanism that allows depositing and withdrawing their physical cash.This is where mobile money and agent banking comes into picture.

What is mobile money & agent banking?

Initially, Mobile Money was created to increase financial inclusion for the people who were financially excluded before.In fact, when mobile money was launched nearly a decade ago, the agent distribution networks were disrupted in the world of finance.An agent distribution network basically provides last mile financial services to unbanked rural areas through viable digital alternatives.Today, mobile money providers still use agent distribution networks to increase financial inclusion and deliver financial services.In fact, the industry has witnessed a dramatic increase in both – number of active agents and the value they process.

  Original source : Mobile money & Agent banking – The future looks bright!
3 visits |0 Comments|Reply

There are no comments on this post

Write a New Comment on Mobile money & Agent banking – The future looks bright!

Please Log In or Register to post comments.

[]