Context:
Globally, over 1 billion people remain unbanked, relying solely on cash for everyday transactions. This exposes them to security risks, travel burdens, and limited economic opportunity.
What is Mobile Money?
- Mobile money enables financial transactions via text messages on mobile phones.
- Unlike traditional banking, it does not require internet access or physical bank branches.
- Users can:
- Send/receive money using a phone number as an account
- Deposit/withdraw money through mobile money agents (e.g., kiosks, shops)
Global Growth
- In 2010: 13 million mobile money accounts worldwide
- By 2023: 640+ million accounts
