By Gabriel Rozenberg
Mobile phones are the latest weapon against poverty as companies find new ways for people without bank accounts to access their money.
Companies are experimenting with sending remittances over mobile phone networks. In the Philippines, Globe Telecom allows cash to be credited to a phone account and then transferred to another person’s account for the cost of a text message. A recent study by Vodafone noted that in South Africa and Botswana one third of people without bank accounts own a mobile phone or have access to one.
Vodafone said that mobile banking, known as m-banking, was widely valued across South Africa and was cheaper than traditional banking. There are signs that m-banking could be used to expand access to a range of financial services to people who cannot easily reach traditional banks. Nigeria, for example, has only 225 ATMs for a population of 129 million, but mobile phone use has grown dramatically.
Andrew Mitchell, the Shadow International Development Secretary, said: “The UK should encourage developing countries to help themselves by abolishing taxes on remittances and liberalising monetary policies.”
http://technology.timesonline.co.uk/article/0,,20409-2450969,00.html
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