A report at the Microfinance Gateway summarizes the findings of a study that examines the potential social and economic benefits of mobile financial services (MFS) over the next decade. It is based on data from Pakistan, Bangladesh, India, Serbia and Malaysia. The report identifies prerequisites for a successful MFS system, projects the evolution of MFS adoption and highlights regulatory issues. Findings include:
- MFS will drive financial inclusion in the next decade;
- MFS could accelerate economic growth by up to 5 percent by fuelling entrepreneurship and creating jobs;
- MFS will reduce income inequality by providing financial access to the poorest segments.
The report states that many of the developing world’s financially excluded people already have mobile phones and relationships with telecommunication companies. For MFS to realize its potential as a powerful tool for social and economic development, regulators need to ensure a supportive environment that manages risk and promotes innovation.
Find the full report at The Socio-Economic Impact of Mobile Financial Services: Analysis of Pakistan, Bangladesh, India, Serbia and Malaysia.
The report is also posted at Zunia.