Mobile phone banking and low-income customers : evidence from South Africa

Abstract

Banking through mobile phones has been common in developed countries for years. But the real potential of m-banking may be to make basic financial services more accessible to millions of poor people across the world. Earlier this year, the mobile phone became the first communications technology to have more users in developing countries than in developed ones. More than 800 million mobile phones were sold in developing countries in the past three years. Mobile phones are already reaching the un-banked poor: in South Africa and Botswana, one-third of people who do not have a bank account -- many who are poor -- do own a mobile phone or have access to one. Part one of this paper introduces WIZZIT. Part two details findings from the survey in South Africa. Part three puts this research into a broader context to assist banks, mobile network operators, and other parties interested in extending financial services to low-income people.

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