DIGITAL FINANCIAL SERVICES
Mobile money’s potential is unfulfilled
Mobile money could be a key driver in unlocking productivity, investment and accelerating economic growth, writes Sacha Polverini
The mobile phone is a central component to unlocking access for the billions of people still excluded from the mainstream of financial services. Its potential is widely understood. But while use of entry-level smartphones has accelerated, access to mobile money services and use of these services remain challenging in many markets. The unmet potential of mobile money is evident with more than 2-billion people in developing countries lacking viable alternatives to the cash economy. In Africa, more than 326-million adults remain unbanked. The challenges are geographical, political, regulatory, social and economic. For a digital financial services ecosystem to work effectively, all these elements must operate in unison for it to make the impact its potential suggests. It could be a key driver in unlocking productivity, investment and accelerating economic growth. A recent McKinsey report, Digital Finance for All, concluded that in the next decade, digital finance has the potential to pr...
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