Mobile Money: How Phone-Based Finance Reaches the Unbanked
Why in the news
Mobile money is presented as a route to bring cash-dependent people into finance.
Key facts
- Cash reliance brings security risks, travel burdens and limited opportunity.
- A phone number acts as the account; agents such as kiosks and shops handle cash.
| Year | Accounts |
|---|---|
| 2010 | 13 million |
| 2023 | 640+ million |
What users can do
- Send and receive money using a phone number as the account.
- Deposit or withdraw cash at mobile money agents.
Exam angle
- Related term: financial inclusion.