The lack of access to financial services in the rural Philippines presents a major barrier to achieving broad-based economic growth. Mobile money (m-money) offers an innovative, cost-effective means to create high-impact development that benefits marginalized populations. The Scaling Innovations in Mobile Money (SIMM) Project is a two-year project supported by the U.S. Agency for International Development (USAID) that builds upon USAID’s current interventions in microenterprise access and mobile banking (m-banking) to expand financial services through new technologies.
The SIMM Project builds upon USAID's current interventions in microenterprise access and mobile banking to expand financial services through technologies. SIMM advances three inter-connected goals: 1) boost expansion and rapid adoption of m-money services; 2) create an enabling environment for m-money; and 3) increase financial inclusion for broad-based economic growth.
To reach these goals, SIMM targets three broad areas of strategic intervention: (i) the payment system, (ii) government services, and (iii) electronic payroll distribution. Cutting across these strategic areas, the activities of SIMM will also address both (a) supply and (b) demand constraints to broader adoption of m-money in the Philippines and © promote global knowledge sharing. USAID has worked extensively with the two main mobile network operators (MNOs) Globe and Smart over the past few years and is expanding its cooperation to deepen financial inclusion through technological innovations grounded in development applications.