Beyond Payments - Next Generation Mobile Banking for the Masses
This February, at the GSMA World Mobile Conference in Barcelona, Oliver Wyman and PlaNet Finance presented their joint report Beyond Payments - Next Generation Mobile Banking for the Masses, which draws from their pilots in West Africa and South-East Asia. The work, conducted during 2010 and sponsored by the Bill and Melinda Gates Foundation, explored the power of mobile technology in providing low income consumers with access to a wide range of financial products and aimed to look at distribution strategies and 2nd generation mobile microfinance products.
Beyond Payments -- Next Generation Mobile Banking for the Masses, whose Oliver Wyman authors include Retail & Business Banking Partner Greg Rung, discusses the challenges in deploying mobile microfinance and offers strategic and operational solutions--exploring two distinct innovative models through the pilots:
- The distribution of microfinance through mobile money
- A virtual microfinance bank, utilizing purely mobile play
The benefits of these models as observed in the pilots, include increased financial services access for unbanked subscribers and their resulting social and economic benefts, as well as a cost-effective way for banks and microfinance institutions (MFIs) to reach the masses by capitalizing on the widespread penetration of telecom distribution networks.
To download a copy of the full report, please click here.
For more information about PlaNet Finance, please click here.