Mobile money, a digital money paid for a wide range of products or services through a mobile device is revolutionising financial access, especially for the unbanked.
As per World Bank estimates, 2.5 billion people across the world, lack access to formal financial services. The primary reasons for this include:
Insufficient banking services
In the absence of banking services, people have to rely on cash transactions, which are both inconvenient and unsafe. These are the exact reasons why mobile money finds favour. With its growing penetration, the mobile phone provides a low cost and highly accessible platform that formal banking systems are unable to provide.

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