CGAP and DFID partner to boost mobile banking

Mar 12, 2010

The Consultative Group to Assist the Poor (CGAP) and the UK Department for International Development (DFID) have launched a new partnership aimed at improving access to mobile banking services.

The Consultative Group to Assist the Poor (CGAP) and the UK Department for International Development (DFID) have launched a new partnership aimed at improving access to mobile banking services.

DFID is to contribute £8 million (€8.81 million) to CGAP's Technology Program, which provides financing and technical advice to projects using mobile phones to enhance financial services for the poor.

Research carried out by CGAP last year revealed there are 2.7 billion people worldwide who do not have access to basic banking tools that allow them to send and receive money.

Manager of the CGAP Technology Program Stephen Rasmussen said the funding will continue the "amazing pace" of developments in the mobile banking sector.

"It's time to get beyond the early excitement … and shift into the build-out stage for mobile money so that millions of poor people everywhere get access to formal financial services," he stated.

The initiative also has the backing of the Bill & Melinda Gates Foundation, which has so far contributed $24 million (€17.45 million) to the development of microfinance products.ADNFCR-2976-ID-19667151-ADNFCR