Tag Archives: mobile money

The Massive Myanmar Opportunity for Digital Financial Services

Myanmar is experiencing one of the world’s fastest adoption of mobile phones. Three years ago, less than 10% of the population had access to ma mobile phone. Today, over 90% of population of Myanmar has 3G coverage. Despite this rapid uptake of mobile technology, Myanmar remains one of the least developed financial systems in Southeast Asia. The country’s largest bank by asset has only 307 branches.

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Now Scientific Fact: Mobile Money Can Lift Women Out of Poverty

  For nearly four years, we have been sharing information about the various ways that gender and mobile intertwine in our Gender and Mobile newsletter. In our latest issue, we offered our perspectives on two recent reports from MIT and Georgetown and the GSMA which examined mobile money as a tool for women’s economic empowerment. Mobile Money Can Lift Women Out of Poverty In the Science journal article “The long-run poverty and gender impacts of mobile money“, Suri and Jack (2016) have caused waves with the finding that access and use of M-PESA has lifted an astounding 2% of households out of poverty. The gender link here is that households led by women experienced the most profound effects of this phenomenon – propelled by their new-found ability to exhibit more financial resilience and to save money by using the service.

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Magpi 2016: new users, new features, new case studies

2016: What a Year! 2016 was a banner year for Magpi.  We added tens of thousands of new users – and many new Case Studies.  Just a couple of favorites (click on either to read more): Great New Features Of course, the great work being done by Magpi users in the field is the point of the work that the Magpi team does behind the scenes, and also the source of many, many good ideas: from little tweaks to the Magpi user interface to major feature ideas.  And we added some amazing features, for sure: A sample Magpi report 1 – reports – after years of advising folks to just export their data in order to create reports, we added Magpi Reports, which lets our paying users create beautiful, secure, real-time reports and data visualizations incorporating graphs, charts, maps, and anything from online (YouTube videos, Slideshare presentations, Google Calendars, etc)

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How Liberia Can Save Over $5 Million with Mobile Money Salary Payments

Liberia is a cash-based economy, and ATMs are few and far in between, restricted mainly to Monrovia hotels frequented by expats. In fact, as of 2014, some 60% of financial service facilities were in Montserrado Country, where the capital Monrovia is located, while some counties did not even have bank representation at all. Liberia’s civil servants depend on this unreliable and interspersed financial services and banking sector—some having to travel for days to collect and cash a paper check or withdraw money after receiving their salary payment through direct deposit. The High Costs of Getting Paid In 2014, 37% of civil servants still received their salary payments via paper check yet the entire country had only 75 bank branches operated by nine commercial banks.

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Getting Principled on Digital Financial Services for Development

Digital financial services (DFS) have emerged as complex and yet powerful tool for supporting economic development. Technology-enabled financial services comprise a fast-growing, dynamic sector at the very intersection of commercial and public sector interests, with an ever-expanding list of actors designing, developing, deploying, delivering and investing in services and channels–many with the intent, or at least the possibility of, enabling financial inclusion among low-income and excluded populations. The question is: how can we collectively ensure that this new field remains focused on achieving our ultimate development goal of fostering economic growth? Principles are one tool to help the wide variety of actors involved ensure that regulations, industry standards, and collective investments result in safe, affordable and relevant financial services. However, the devil, as they say, is in the details.

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The Surprising Reality of Mobile Money Around the World

Mobile money has done more to extend the reach of financial services in the last decade than traditional “bricks and mortar” banking has in the last century. This week, GSMA released the 2015 State of the Industry Report on Mobile Money. Now in its fifth year, this report provides stakeholders with a comprehensive quantitative assessment of the mobile money industry for unbanked and underserved people. Mobile money is reaching more than 411 million people globally. Moreover, it is available in 85% of countries where the vast majority of the population lacks access to a formal financial institution

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The Rise of Mobile Money Services in Somaliland

In 2009, Somaliland’s biggest mobile network operator, Telesom, launched their mobile payment service “ZAAD”, and today more than 10% of the 3.8 million inhabitants are subscribed to the service. As with normal mobile money systems, you can transfer, receive, and deposit money with ZAAD. The mobile money service is used for different purposes such as paying for your groceries, dinner at the restaurant, or your electricity. Other money payment transactions include livestock trade, merchant payments, and bill and salary payments. Recently on a trip to Somaliland I took through the streets Hargeisa, the capital of Somaliland, my Somali colleague and I wanted to purchase some traditional Somali fabric.

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Whither Cash Transfers? A discussion with the experts

This is a cross-post from Tom Murphy, editor of the aid blog A View From the Cave. The original article can be found on Humanosphere. The post summarizes discussions at our November 21st New York City Technology Salon: Are Mobile Money Cash Grants the Future of Development?  If you’d like to join us for future Salons, sign up here. by Tom Murphy Decades ago, some of the biggest NGOs simply gave away money to individuals in communities.

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The 4 Most Exciting Developments Right Now in the African Tech Industry

Continue reading here: The 4 Most Exciting Developments Right Now in the African Tech Industry

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FrontlineSMSat7: Mobile Money made easy and accessible

In the sixth of our seven blog posts celebrating the month that FrontlineSMS turns 7, Enock Musyoka, our FrontlineSMS: Credit Project Assistant, shares the impact FrontlineSMS:Credit’s PaymentView has on Nunguni Financial Service Association and its members. The power of owning a mobile phone is beyond SMS messages; PaymentView makes it easier to manage payment plans. Nunguni Financial Service Association (FSA) The adoption and growth of mobile money in Kenya has created an enormous opportunity to greatly improve the lives of those without access to financial services. More than one billion people have access to a mobile phone, but do not have a formal bank account.

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Josana Academy Becomes the First School to Use PaymentView

Last week, the FrontlineSMS:Credit team returned to one of our favorite cities in Kenya, Kisumu. This time around we were ready to install PaymentView at Josana Academy and Safe Water and AIDS Project (SWAP). Josana Academy is the very first school using PaymentView, and SWAP is the first organization to make use of PaymentView’s “Targets” functionality (more on that later). PaymentView is a prototype based on version 1 of FrontlineSMS – we are currently looking at building this functionality, with improvements, onto Version 2. More on that in a future post. FrontlineSMS:Credit team arrives in KisumuOur first visit was to Josana Academy, where we met the head teacher, secretary, bursar, and IT support person

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Mobile Money finds Success in Zimbabwe

Last week I wrote about the challenges faced by mobile money. It appears that Zimbabwe is one place where mobile money is doing well. An article in this Sunday’s Standard goes as far as to suggest that mobile money could supplant cash. The article lacks any reference to actual evidence of the growth of mobile money in Zimbabwe, so that makes it hard to take it too seriously.

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Liquidity Is King: Mobile Savings Vehicles For Poor Individuals

This is the final post of this three-part blog series co-authored by Lisa Kienzle, Ali Ndiwalana,Olga Morawczynski and Ignacio Mas on saving with mobile money using deferred payments or “Me2Me” transactions. Thefirst postexplored user reactions to deferred payments and to goal-based accounts, gathered through focus groups. Thesecond postlooked at rewards that help individuals set aside money to meet financial goals. Today, the authors discuss ways to encourage individuals to keep money in their savings vehicle(s). During the focus groups in Fort Portal, in western Uganda, people quickly grasped the notion of deferred payments as a means of saving

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The Bi-Weekly ICT4D Retrospective: Important Links for April 25 – May 8,…

Continue reading here: The Bi-Weekly ICT4D Retrospective: Important Links for April 25 – May 8,…

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