- September, 2013
Sixty per cent of the population in India does not have a bank account, and more than 50% farmers in the country do not get access to any kind of institutional credit. Setting-up and operating a bank branch is very expensive and challenging. Service providers and financial institutions have experimented with multiple technology platforms, but the platform that seems to have attracted the most attention has been the mobile phone. Despite mobile phones being ubiquitous, the potential growth of financial inclusion through mobile phones (mobile money) has been very slow and patchy.
A better approach, particularly in rural areas, would be to invert the existing approach. Some of the key elements of effective mobile money and alternate strategy for financial inclusion through mobile money are presented here.
Pic credit: Bruno Girin, Flickr
Posted on September 04, 2013