Bharti Telesoft, which provides integrated Value-Added Services to mobile operators in emerging markets, has been invited to be a founding member of the Mobile Money for the Unbanked (MMU) Working Group by the GSMA, as a result of its work in the development and deployment of mobile banking solutions in emerging markets worldwide.
The GSMA launched the Mobile Money for the Unbanked Programme and the MMU Working Group at the Mobile World Congress in Barcelona. The MMU unites industry players with a view to sharing learnings from the market, educating the market regarding the opportunities for mobile banking, and supporting mobile money deployments targeting the unbanked. Given that many of the world's new mobile subscribers lack access to formal banking channels and financial services, there is a major opportunity to bring financial services to this population via the mobile phone. The MMU aims to enable 20 million unbanked consumers to have access to financial services by 2011 and is particularly focused on delivering mobile financial services to people with incomes of under US$2 per day.
The correlation between mobile communications and economic growth is not disputed, with various studies from the World Bank and ITU showing that growth in the penetration of mobile communications leads to growth in GDP. Access to formal financial institutions for the unbanked should also spur economic well-being. A further aim of the MMU is to ensure mobile money is a mainstream service delivered by mobile operators and drive down the costs of financial services delivered over the mobile.
Commenting on the formation of the MMU, Anil Gajwani, CTO and EVP mCommerce, Bharti Telesoft, said, "Bharti Telesoft works closely with operators in emerging markets and is a keen proponent of the positive impact that mobile money services can have on the unbanked community. We are committed to extending mobile money services to unserved segments and supporting the enrichment of lives and economic and social well-being with mobile solutions."
* The GSMA's Mobile Money for the Unbanked Programme is a body formed from mobile network operators, financial institutions, mobile money technology providers, financial inclusion organisations and third party service providers, with a view to forming a strong mobile money business serving the underbanked communities in emerging markets. The MMU will meet quarterly to collaborate on technology and regulatory issues, sharing experiences from developing and deploying mobile finance solutions in the market.
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