A Mobile Banking Call to Action

Posted by KatrinVerclas on Sep 24, 2008


Bill Clinton is announcing the commitment from a group of members of the Clinton Global Initiative to provide access to financial services to millions of people currently unbanked and living under $2 a day. Some of the people on the stage are Elizabeth Littlefield from CGAP, Dawn Haig Thomas from the GSMA Development Fund, and the Sosas from MPower Ventures, Brian Richardson from Wizzit, and others who are committing more than $100 million to mobile fincancial services for the poor.  


CGAP is announcing today at the Clinton Global Initiative Summit a new effort to to enable mobile banking services for 25 million people in 20 countries. MobileActive.org will be live-blogging from the event.  This "Mobile Banking Call to Action, asserts CGAP's CEO Elizabeth Littlefield, "can enable us to reach millions of poor people who, until now, have been left out of the formal financial system."

CGAP is one of the leaders in research and development of mobile banking intiatives for the so-called "bottom of the pyramid" customers in developing countries.  As part of the Summit, CGAP, according to its press release, is "making a commitment to fund and advise microfinance groups, banks, and mobile phone providers with $10 million to find business models that succeed, researching the needs of poor and vulnerable people for a range of services, especially savings, and engaging telecom and banking regulators throughout the developing world. Focus countries include: Afghanistan, Bangladesh, Brazil, DR Congo, Ecuador, Egypt, Ghana, India, Kenya, Maldives, Mexico, Mongolia, Pakistan, Philippines, Russia, Senegal, South Africa, Tanzania, Uganda, and Zambia." 

The event is streamed live here.

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