Developing Mobile Money Ecosystems

"Mobile telephony offers tremendous promise to facilitate the flow of money among rural and poor families at much lower transaction costs, bringing the bank to those currently unbanked. Realizing this promise will require close collaboration among all relevant stakeholders. IFC is committed to building on current knowledge, sharing best practice, and scaling successful models across borders,to help create opportunities for people and make a difference in theirlives."MOHSENA.KHALIL, DIRECTOR, GLOBAL INFORMATION AND COMMUNICATIONS TECHNOLOGIES, IFC/THE WORLD BANK.

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This reportis written on the occasion of the first Mobile Money Summit, held May14 15, 2008, inCairo, Egypt. As GSMA CEO Robert G.Conway stated in his opening remarks, "The ubiquity and convenience of the mobile phone is bringing new value, opportunities that no one foresaw before in the delivery of financial services. "For businesses, theo pportunities include reaching vast numbers of new customers and providing better service to existing customers. For customers, theo pportunities include increased affordability, convenience, and security. The mobile phone may even open access to financial services for many who ar ecurrently excluded from the market altogether–the majority of the population in many developing countries.