Bill Gates helping to bring mobile banking to the poor
By Dave Jeyes
The GSM Association now has funding for 20 projects to bring access to mobile banking services to developing areas with help from a grant from the Bill and Melinda Gates Foundation. While it may seem like an unnecessary luxury, the mobile Internet is likely to be these people’s first introduction to the online world.
In fact, the goal is to bring banking to the 1.7 billion people globally that have a mobile phone, but no bank account. Access to financial institutions will give these people the ability to improve their way of life.
Banking can mean access to lines of credit to start a new business or provide basic housing. In areas that lack state-funded schooling, financial institutions can help fund educational opportunities for those that cannot afford them.
Michael O’Hara of the GSM Associations says, “The target is to reach 20 million additional unbanked people with the service by 2012.” The association hopes that even having a safe place to keep their funds will help the people it services to build financial security.
In many developing areas, mobile data access is more common than personal computers or home Internet access. For these users, mobile banking replaces Internet banking as a way to monitor their finances.
These programs also represent a new market for mobile operators and banking institutions. The GSMA estimates that mobile money transfers could represent a $5 billion market by 2012.
Obviously these programs will provide additional opportunities for mobile operators to offer services to their customers. Their banking partners are also sure to be excited about the new customers that these programs will help them to reach.
This is one way that the mobile Internet is helping to accelerate the adoption of new technologies to help the impoverished. If the operators also benefit from the additional subscribers, then what’s the harm?
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March 2nd, 2009
Lovely shot of Bill there – he looks so kindhearted and gentle of spirit. It really captures his benevolence, and the radiant splendour of the man is simply breathtaking.
His sincere concern for the less fortunate is touching, and one can only hope that he is awarded a Nobel prize (and whatever other shiny baubles his heart desires), because it is clear that he is motivated only by love. (And to think that for so long I’d had him pegged as a slimy corporate scumbag and a talentless law-breaking lowlife – shame on me!)
April 17th, 2009
my name is sue lewis and my husband and i have both lost our jobs. we have lost our home also. we are having trouble paying our bills and was wondering if anyone could help us? we only need a little