The need and opportunity for mobile financial services is growing. There are over 1 billion people in developing countries who have a mobile phone yet lack a bank account. Mobile money can play an integral role in the financial lives of the poor by providing them with access to basic financial services.
In 2008, GSMA’s Mobile Money for the Unbanked (MMU) was created to accelerate the availability of mobile money services to the unbanked and those living on less than US$2 per day. It works with mobile operators and the financial industry to deliver affordable, safe, and convenient financial services to millions of previously unbanked customers. Today, MMU is a thought leader among mobile money providers and provides practical advice, publications, and facilitates peer exchanges and field visits to share knowledge.
Through the support of the Bill & Melinda Gates Foundation, The MasterCard Foundation and the Omidyar Network, the partnership will promote best practices to enable mobile money operators to meet needs of the unbanked, specifically in Sub-Saharan Africa. This program aims to generate knowledge to overcome specific barriers inhibiting client uptake and usage of mobile money services. This will result in improved delivery of financial services, particularly for low-income and rural clients.