Bill Gates: Mobile banking will help the poor transform their lives
Billionaire and Microsoft founder Bill Gates has suggested mobile banking will alleviate poverty in Africa.Billionaire and Microsoft founder Bill Gates has suggested mobile banking will alleviate poverty in Africa.
In the Bill & Melinda Foundation’s annual letter, Gates argues that mobile banking will enable the poorest populations to access financial services in a more efficient manner.
He promises that “in the next 15 years, digital banking will give the poor more control over their assets and help them transform their lives”.
By his estimate, by 2030, two billion people who currently don’t have access to finance will gain access to banking.
Thanks to this, they’ll be able to transfer funds in a more secure and more efficient way. Rather than hiding money under their mattresses or deliver it by hand, they’ll be able to save digitally and to transfer funds through their mobile.
Gates’s predictions are based on M-Pesa, the leading mobile money transfer service thanks to which most Kenyans were able to access mobile banking and financial services.
Indeed, whereas opening a branch might not be cost effective in the poorest zones, mobile banking requires very little investment and hardly costs a thing per transaction.