Mobile Money

My Financial Services Journey in Mobile Banking

Posted by on Oct 14, 2014 in Financial Inclusion, Mobile Money | 0 comments

My financial services journey wasn’t planned. When I retired, I decided to travel and  foster entrepreneurship in developing countries. Little did I know that one trip to Africa would entice me back to work. I began to see how financial services technology, using mobile, would bring banking to the poor, while changing my belief in new possibilities. During a visit to the Congo in 2002, I stopped by a mobile phone store where locals added minutes to their cell phone SIM cards. I remember looking at the poverty and unwieldy payment system. Then I had an epiphany: mobile banking was the key that would transform how people exchanged money. I immediately started...

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Mobile Banking: Engaging a New Generation with Social Banking

Posted by on Sep 12, 2014 in Bank Innovation, Mobile Money | 0 comments

Mobile Banking: Engaging a New Generation with Social Banking

The workforce is constantly evolving with Millennials fresh out of college and eager to make their mark on the world. As with every generation before them, they have their own lingo, their own career goals and even their own preferred technologies. Among these include mobile banking and the marketing of banking services via social media, and here’s why: Over 50% of the workforce is comprised of Millennials. This tech-savvy group relies on social media, such as Facebook, Twitter, Pinterest and LinkedIn for everything from status updates to current events. Social media marketing is efficient and green. Advertising costs add up quickly for banks, and  Millennials...

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Financial Inclusion 2014: Mastercard Foundation Addresses a Growing Concern

Posted by on Aug 7, 2014 in Bank Innovation, Financial Inclusion, Mobile Money | 1 comment

Financial Inclusion 2014: Mastercard Foundation Addresses a Growing Concern

In theory, financial services should be available to everyone, regardless of economic status. However, reality paints a different picture. The lack of financial inclusion that extends to all classes is a serious cause of concern, which has prompted Mastercard to host the Mastercard Foundation Symposium on Financial Inclusion.Held in Turin, Italy from July 16 to 18, this symposium focused on the fact that there are still at least 2.5 billion people who don’t have affordable and convenient access to financial services despite modern technology. Big-name speakers discussed ways to reach out to excluded groups in spite of the challenges and issues that hinder their...

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How Mobile Banking can Benefit the Unbanked

Posted by on Aug 1, 2014 in Bank Innovation, Mobile Money | 0 comments

How Mobile Banking can Benefit the Unbanked

The “unbanked and underbanked” are terms that are being batted about in the boardrooms of financial institutions around the world. Gradually, executives have woken up to the fact that there are billions of potential customers who are not using their services. In America alone, there are nearly 90 million Americans who are unbanked or underbanked. This represents an enormous growth opportunity not only for financial institutions, but more importantly, for individuals that use mobile banking solutions. Why are people unbanked and underbanked? Generally speaking, those who are unbanked and underbanked tend to be living on a limited budget, working class and...

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International Telecommunication Union Steps Forward to Promote Financial Inclusion

Posted by on Jul 23, 2014 in Mobile Money | 0 comments

International Telecommunication Union Steps Forward to Promote Financial Inclusion

The International Telecommunication Union (ITU) has recently created a focus group whose purpose is to develop different methods of affordable financial services, in hopes of making financial inclusion a reality for the nearly 2.5 billion adults around the world who don’t currently have a bank account.   The open focus group has been organized by ITU Secretary-General Hamadoun Toure in response to a request put forth by the Bill & Melinda Gates Foundation. The aim of the focus group is to develop a standardized mobile money platform that can be rolled out using existing Information and Communication Technology (ICT), and then adopted in short order...

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CFPB Exploring How Mobile Banking Can Offer Real-Time Money Management

Posted by on Jul 5, 2014 in Bank Innovation, featured, Mobile Money | 0 comments

CFPB Exploring How Mobile Banking Can Offer Real-Time Money Management

It seems like the world keeps moving faster and faster. And in the modern world, real-time money management is not just a possibility, but a reality for many people around the globe. Unfortunately, it’s not a reality for everyone, and there are billions of people around the world who don’t have the opportunity to take advantage of tools such as mobile banking to help them manage their finances. In the United States alone, there are roughly 35 million financial nomads who are not reaping the benefits mobile banking has to offer. Recognizing this, the Consumer Financial Protection Bureau (CFPB) has recently initiated a study to determine just how many...

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