Mobile Banking International Updates - Feb 7

Mobile Banking Takes Off in Kenya
"A new paper by William Jack and Tavneet Suri looks at M-PESA, a mobile-money transfer service in Kenya. Mobile banking has become particularly popular in the developing world, where safe, reliable banking has historically been limited, and often available only to the wealthy. The authors conclude that M-PESA has been wildly successful in Kenya: 'We estimate that M‐PESA had reached nearly 40 percent of the adult population after a little more than 2 years of operation, and that now, approaching only the fourth anniversary of its launch, is used by more than two‐thirds of households.'”

Carol Realini: Davos Hot Topic — Inclusive Growth Through Mobile Banking
"A key theme at this World Economic Forum is inclusive growth. What does that really mean, and why is it important? It means that when developing countries and emerging markets experience growth, the poor people in those countries should participate and benefit. For example, India has 300 million people who are participating in the strong growth that is underway. Their incomes are growing; their wealth is increasing; and the environment they live in is improving. But, the lives of the remaining 700 million people in India are basically unchanged. Inclusive growth means the 700 million will also experience the benefits of growth versus being left out."

Mobile banking- not important to UK consumers - yet
"The UK is lagging behind the rest of the world when it comes to the sophistication of its mobile banking services finds Datamonitor. Research by the independent market analyst has revealed that whilst consumers in markets like Africa, Asia, India and Russia have access to advanced mobile banking services, most UK consumers only have access to basic text-based functions like checking balances. As a result UK consumers don’t yet see the importance of the technology."

The mobile banking race begins in Nigeria
"In Nigeria, mobile payment systems weren’t licensed by the Nigerian Central Bank until December 2010 — 2 months ago. So, until this time, mobile payment and transaction entrepreneurs had to be highly creative in order to meet consumer demands – thus the use of mobile credits as cash."