• News
    • Latest news
    • News search
    • Health
    • Finance
    • Food
    • Career news
    • Content series
    • Try Devex Pro
  • Jobs
    • Job search
    • Post a job
    • Employer search
    • CV Writing
    • Upcoming career events
    • Try Career Account
  • Funding
    • Funding search
    • Funding news
  • Talent
    • Candidate search
    • Devex Talent Solutions
  • Events
    • Upcoming and past events
    • Partner on an event
  • Post a job
  • About
      • About us
      • Membership
      • Newsletters
      • Advertising partnerships
      • Devex Talent Solutions
      • Contact us
Join DevexSign in
Join DevexSign in

News

  • Latest news
  • News search
  • Health
  • Finance
  • Food
  • Career news
  • Content series
  • Try Devex Pro

Jobs

  • Job search
  • Post a job
  • Employer search
  • CV Writing
  • Upcoming career events
  • Try Career Account

Funding

  • Funding search
  • Funding news

Talent

  • Candidate search
  • Devex Talent Solutions

Events

  • Upcoming and past events
  • Partner on an event
Post a job

About

  • About us
  • Membership
  • Newsletters
  • Advertising partnerships
  • Devex Talent Solutions
  • Contact us
  • My Devex
  • Update my profile % complete
  • Account & privacy settings
  • My saved jobs
  • Manage newsletters
  • Support
  • Sign out
Latest newsNews searchHealthFinanceFoodCareer newsContent seriesTry Devex Pro
    • Opinion
    • financial technology

    Opinion: Why ‘payments as a platform’ matters for the future of financial inclusion

    How can the mobile money business model evolve to increase the relevance of accounts — and to meet the changing needs of individuals and small businesses? GSMA's Yasmina McCarty explores.

    By Yasmina McCarty // 10 July 2019
    A customer conducts a mobile money transfer at a Safaricom agent stall in downtown Nairobi, Kenya. Photo by: REUTERS / Thomas Mukoya

    Thanks to the incredible growth of mobile money in recent years, we’ve seen a transformation in access to financial services. With 866 million registered accounts and live services across 90 markets, the mobile money industry is offering a financial future to millions of customers around the world.

    No longer simply a service to “send money home,” today millions of consumers are using mobile money in their daily activities: to pay for their children’s school fees, to access loans to invest in their farming activities, to save for the financial future of their household, and to anticipate and mitigate financial risks and shocks.  

    Facebook's digital currency Libra: Why nonprofits are joining

    Nonprofits say the Libra Association is critical for the new digital currency to realize its potential — and just one example of efforts to explore emerging technology for financial inclusion.

    While mobile money has played a pivotal role in enhancing financial inclusion in a relatively short time, economic empowerment does not automatically result from standalone account ownership, but rather from the regular and tailored use of that account.

    Today, the key question is how the mobile money business model can evolve to increase the relevance of accounts and to meet the changing needs of individuals and small businesses. Transitioning toward a “payments as a platform” approach, connecting consumers with third-party services across a range of industries, is at the heart of this evolution.

    By extending the capabilities of the traditional mobile money model, the platform approach will contribute to the economic empowerment of individuals, communities, and businesses. Underserved groups such as rural communities, women, and persons with disabilities will have access to more targeted services thanks to more personalized products, from pay-as-you-go solar energy and real-time agricultural market data to personal financial management solutions.

    Millions of young entrepreneurs, innovators, and small businesses will gain access to new income generation opportunities and new skills. Banks, smaller financial institutions, and microfinance institutions will also benefit, extending their services to millions of new customers.

    So what will it take for the industry to transition to a payments platform? Mobile operators can leverage their core strengths — wide distribution networks, customer reach and trusted brands — while also capitalizing on innovation. This means laying the groundwork for the financial and technology ecosystems to grow around their service, expanding the range of products available to customers, and spurring local entrepreneurialism. This will require a shift in strategy and a consolidated business-wide effort to address technical and organizational challenges in five main areas, from establishing plug-and-play access to the mobile money system to adopting a personalized approach to product design.

    Now more than ever, mobile’s unparalleled global scale provides a tremendous opportunity to reach the 1.7 billion people who remain financially excluded.

    This year the GSMA Mobile Money team is increasingly supporting mobile operators in their transition to the “payments as a platform” approach. Economic empowerment is more possible thanks to the emergence of new technologies and new business models that will reshape mobile money over the coming years. Taking advantage of this opportunity requires collective practitioner cooperation across the mobile money ecosystem, while all the time keeping the needs of the underserved at the very center of this evolution.

    We will be convening experts from the mobile ecosystem at this year’s Mobile 360 – Africa, taking place on 16-18 July in Kigali, Rwanda. This year’s focus is the “Rise of the Digital Citizen: Building a digital world for citizens of today and tomorrow.” Day 3 will be devoted entirely to the Mobile Money Leadership Forum, exploring the challenges and opportunities of a transition to the “payments as a platform” approach. View the agenda and register to join us at mobile360series.com/africa.

    This op-ed is part of a media partnership with GSMA.

    • Banking & Finance
    • Economic Development
    • Social/Inclusive Development
    • GSMA
    Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).
    The views in this opinion piece do not necessarily reflect Devex's editorial views.

    About the author

    • Yasmina McCarty

      Yasmina McCarty

      Yasmina McCarty is the head of mobile for development at the GSMA, where she leads a global team delivering digital innovations in agriculture, energy, water, sanitation, health, financial services, identity, humanitarian response, and gender equality. Yasmina’s work brings together mobile operators, tech innovators, donors, and policymakers to tackle inequality. This work has impacted more than 55 million people to date.

    Search for articles

    Related Jobs

    • Head of Finance
      Belgium | Western Europe
    • Technical Assistance Officer (Contractual) - FADRM
      Washington, D.C., District of Columbia, United States | District of Columbia, United States | United States | North America
    • Resident Advisor in Monetary and Foreign Exchange Operations (CDOT, Bangkok) (MCMTA)
      Bangkok, Thailand | Thailand | East Asia and Pacific
    • See more

    Most Read

    • 1
      Opinion: Mobile credit, savings, and insurance can drive financial health
    • 2
      How low-emissions livestock are transforming dairy farming in Africa
    • 3
      Opinion: India’s bold leadership in turning the tide for TB
    • 4
      Strengthening health systems by measuring what really matters
    • 5
      How AI-powered citizen science can be a catalyst for the SDGs

    Trending

    Financing for Development Conference

    The Trump Effect

    Newsletters

    Related Stories

    Sponsored by the GSMAOpinion: Mobile credit, savings, and insurance can drive financial health

    Opinion: Mobile credit, savings, and insurance can drive financial health

    Development financeOpinion: To fix Somalia’s aid crisis, we must fund the private sector

    Opinion: To fix Somalia’s aid crisis, we must fund the private sector

    Sponsored by Gates FoundationOpinion: Enlightened self-interest demands global health investments

    Opinion: Enlightened self-interest demands global health investments

    Sponsored by Mastercard Center for Inclusive Growth Why supporting small, rural businesses is key to local economic growth

    Why supporting small, rural businesses is key to local economic growth

    • News
    • Jobs
    • Funding
    • Talent
    • Events

    Devex is the media platform for the global development community.

    A social enterprise, we connect and inform over 1.3 million development, health, humanitarian, and sustainability professionals through news, business intelligence, and funding & career opportunities so you can do more good for more people. We invite you to join us.

    • About us
    • Membership
    • Newsletters
    • Advertising partnerships
    • Devex Talent Solutions
    • Post a job
    • Careers at Devex
    • Contact us
    © Copyright 2000 - 2025 Devex|User Agreement|Privacy Statement