In developing countries across the globe, 2.5 billion people do not have access to formal financial services. Instead, they rely on cash or informal savings mechanisms that are unsafe, inconvenient and expensive. However, almost two billion of these people have access to a mobile phone – providing an unprecedented opportunity to deliver convenient and affordable financial services to the underserved.
Omidyar Network is one of the founders of GSMA’s Mobile for Development program, which works to provide support to mobile money service providers to help them reach scale. In order to build industry intelligence, the program identifies and shares benchmark data, operational best practices, and commercially-viable interoperability approaches with the industry. Mobile for Development also works with government partners and industry advocacy groups to create an enabling regulatory environment that minimizes barriers to entry for mobile money providers in the developing world.