The Emergence of Mobile Financial Services for Low-income Families

Mobile Phone with Money in Kenya” by Erik (HASH) Hersman licensed under CC BY 2.0

Source: Quartz

Low income families around the country could benefit largely from telephone companies, and mobile phone financial systems, if they were to expand their services.

The expansion of mobile services to low-income families could provide greater access to education and health services through apps; such apps currently exist that allow people to access funds, open accounts, access educational services like courses and tools or skill-building apps, or even services that give people access to care advice or services.

“The report from Swedish insurance technology company BIMA surveyed 4,000 low-income respondents in 10 countries across Africa, Asia, and Latin America. BIMA notes that the lack of synergy between regulators and operators in emerging markets has also undermined the development of mobile solutions for complex services such as health care, insurance, and savings.”

Yet these emerging services, once they are developed and extended to people of low-income families, will give these families access to basic necessities and, in addition, will help to boost the economy, as market consumption reaches 30 trillion by 2025, reported QZ.

Read full story at: Quartz

Justice & Poverty, News
Justice & Poverty, News