Three Ways to Make Mobile Money Work Worldwide

Three Ways to Make Mobile Money Work Worldwide

By Grameen Foundation

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How can #MobileMoney work worldwide? @MetLife Foundation's Multipliers of Prosperity project sees hope
Thursday, August 6, 2015 - 10:30am

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. 

Few innovations in financial inclusion have inspired as much excitement as mobile money—the ability to send payments and access financial services via mobile phone. It’s easy to see why. By eliminating the need to build and operate a network of branches, mobile banking drastically lowers the cost of doing business. That makes it suddenly possible to serve low-income people whose small account balances have long made them a non-viable customer segment under the old bricks-and-mortar business model. 

But despite its great potential, and despite intensive marketing strategies by mobile operators to attract low-income subscribers, mobile banking is not yet achieving the regular usage necessary for commercial viability and scale. Globally, just 30 percent of those who sign up for a mobile money service end up using it actively. 

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