The Mobile Financial Services Development Report 2011

The use of mobile telephones to deliver basic financial services to the financially excluded poor represents an unprecedented opportunity. With mobile phones now in the hands of billions including those at even the lowest income levels, the world is poised to bring unprecedented numbers into the formal economy. The mobile phone’s ability to serve as a universal banking platform can provide stability in the lives of those with very limited means while unlocking new efficiencies in underserved segments of developing economies. Notable progress has been made in the pursuit of this opportunity as public and private stakeholders have collaborated to create innovative and commercially viable business models. Today, mobile phones are already used by many to make payments, send money to family members and store monetary value safely—often in regions of the world that are least served by financial services providers. However, for mobile financial services to achieve their true potential for financial inclusion, they must become available on a much larger scale and include a wider portfolio of services—most notably the facilitation of savings.