News

June 5, 2009

Policymakers Embrace Mobile Banking

Despite regulatory challenges and the financial crisis, policymakers are embracing mobile banking as a means of financial access to the unbanked poor.  More than a billion people worldwide lack bank accounts but do have mobile phones, providing a dramatic opportunity to achieve greater financial inclusion.  To promote effective regulation of mobile banking, CGAP, DFID and the AFI organized the second Global Leadership Seminar for high-level policymakers and regulators who set policy for branchless banking, including mobile banking.

“Mobile banking services offer millions of poor people a route out of poverty by helping them to improve their incomes and pay for healthcare and education.  It is vital that policymakers ensure that the needs of the poor are central as they develop regulation for this innovative and emerging sector,” said Mike Foster, UK Minister for International Development.

“Mobile banking holds great potential, and CGAP is encouraged to see that governments everywhere are being deliberate and thoughtful as they merge the domains of finance, payments, and telecom to create a framework that balances customer needs with concerns around security and prudential regulation,” said Elizabeth Littlefield, CEO of CGAP, a microfinance center based at the World Bank.

Comment:  The 24|7 Rewards Card™ Program is completely integrated with a full-service mobile banking facility providing its cardholders with the latest in financial technology.  For more information please contact your 24|7 representative or
click here.