Gates Backs Phone Banking for Poor - 02.20.2009 - American Banker Print Article
2/24/09 10:45 AM
Gates Backs Phone Banking for Poor American Banker | Friday, February 20, 2009
By Daniel Wolfe The Bill and Melinda Gates Foundation and the wireless trade group GSM Association are trying to deliver financial services to the unbanked through phones. The two groups jointly announced Tuesday a Mobile Money for the Unbanked program funded by a $12.5 million grant from the foundation. The program is to support regulatory and market research into business cases for mobile banking services and support 20 projects in developing countries in Africa, Asia, and Latin America. The projects could deliver financial services to 20 million unbanked people by 2012. "Technology, like mobile phones, is making it possible to bring low-cost, high-quality financial services to millions of people in the developing world," Bob Christen, director of the Gates foundation's Financial Services for the Poor initiative, said in a press release. Š 2009 American Banker and SourceMedia, Inc. All Rights Reserved. SourceMedia is an Investcorp company. Use, duplication, or sale of this service, or data contained herein, except as described in the Subscription Agreement, is strictly prohibited. For information regarding Reprint Services please visit: http://www.americanbanker.com/reprint-services-rates.html
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