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Posted by Jeff in Marketing

Pros and Cons of Mobile Banking

According to a new database released by the World Bank in April this year, nearly 2.5 billion people, almost one half of the adult population around the world, don’t have any formal access to our complex financial system, let alone, its simplest format – the banking system. This leaves a major fraction of the poor population dependent on private money lenders, who charge very high interest rates contributing to the vicious cycle of exploitation and poverty. Moreover, financial exclusion of a major part of the world population has also occurred because of several other reasons that include, poor bank infrastructure, long travel distance to banks and the amount of paperwork required to open a bank account. These glaring issues have been now realized by financial institutions. The central banks of almost all developing countries are pushing reforms on a mammoth scale to bank the unbanked poor and in this massive…