Originally posted at Next Billion. Leo Tobias is a Technology Program Manager at Grameen Foundation.
Financial inclusiveness is a core tenet of our work at Grameen Foundation. Utilizing mobile phones for financial services has gained a lot of traction as a sustainable and scalable solution to serve the 2.5 billion people who do not have access to formal banking services. But does this solution really enable us to reach all of these people?
As part of a pilot program to implement mobile money at one of our partner organizations, a survey was conducted to gather basic knowledge about people’s access to mobile phones and their usage of mobile money and other financial services. While 98 percent of members interviewed have access to a mobile phone, only 78 percent owned their own mobile phones.
So what’s the problem? A previous study conducted by Grameen Foundation at Cashpor, a microfinance institution (MFI) in India, revealed there are significant access, convenience and security issues associated with customers not having their own handset or the knowledge to operate the technology themselves…
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