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Cellphones, Not Banks, May Be Key to Finance in the Developing World

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The increasing digitization of finance, and the move away from cash, could add 6 percent to the annual economic output of the world’s developing nations over the next 10 years, according to a new report from the McKinsey consulting firm’s research arm.

The report, released on Wednesday, says that developing nations — and to a lesser extent developed economies like the United States — lose enormous amounts of economic potential from the continuing reliance on cash and the difficulty many businesses and individuals encounter when trying to gain access to the financial system.

The mobile phone, however, has provided a new and cheaper way to provide basic financial services to nearly everyone in the developing world.

For more on this story visit the following link: Cellphones, Not Banks, May Be Key to Finance in the Developing World

Source: NY Times

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