How Mobile Money Drives Economic Growth

How Mobile Money Drives Economic Growth

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The ability to access funds anywhere, anytime is transforming lives, @MetLife Foundation #MultipliersofProsperity
Wednesday, October 28, 2015 - 11:00am

CAMPAIGN: Financial Inclusion

CONTENT: Article

Presented by MetLife Foundation in collaboration with WSJ. Custom Studios, Multipliers of Prosperity takes a look globally at the challenges we face in confronting the issues of financial inclusion. The program dives deep into what’s working, questions what isn’t and finds the possible fixes. Most importantly, the program chronicles the triumphs of people who have taken the steps toward financial stability and the providers who have helped them reach those goals. We explore how financial stability is created, the kind of finance models that have succeeded, and innovative new channels and technology that make for smart solutions. 

Mobile money—the ability to transfer funds, pay bills, save, borrow and even acquire insurance coverage via mobile phones—is transforming the lives of individuals and small businesses globally. The ability to access funds anywhere, anytime saves time, improves security and provides a means for saving and managing money more effectively than traditional methods.

But it also creates a ripple effect that drives broader economic growth.

“Mobile money provides an economic stimulus to communities,” says Douglas R. Emery, professor of finance at the University of Miami. “It allows people to buy goods and services, from health care to solar energy panels, that they otherwise couldn’t afford,” offering a way to pay for expensive items through installments instead of one large lump sum.

To continue reading this article and for more articles on financial inclusion, click here.