Developing Mobile Money Ecosystems

This report is written on the occasion of the first Mobile Money Summit, held May 14-15, 2008, in Cairo, Egypt. As GSMA CEO Robert G. Conway stated in his open ingremarks, “The ubiquity and convenience of the mobile phone is bringing new value, opportunities that no one foresaw before in the delivery of financial services.” For businesses, the opportunities include reaching vast numbers of new customers and providing better service to existing customers. For customers, the opportunities include increased affordability, convenience, and security. The mobile phone may even open access to financial services for many who are currently excluded from the market altogether – the majority of the population in many developing countries. “Bringing the bank to the unbanked,” as Wizzit CEO and IFC investee Brian Richardson puts it, would provide new fuel for private sector activity and economic growth, helping empower people to forge their own paths out of poverty.