Ismail Ahmed, CEO and founder of WorldRemit, has serious business to do with the two billion unbanked people in the world. Speaking at WIRED Money 2015, Ahmed explains how mobile money is transforming not only his own company, a platform for families to send money to one another across geographical boundaries, but whole economies.
"For millions of people in developing countries, their lives revolve around cash," he says. "People are often forced to save their cash under the mattress. These people use cash for all their transactions. They can only buy things from people close to them."
Enter the mobile phone.
A lot of these two billion unbanked people have access to mobile phones, which are enabling people to access financial services for the first time. Even for people using a very basic feature phone, their mobile numbers becomes their bank account. In 2014 there were 103 million active mobile bank accounts, up from 30 million in 2012. "These are services that are truly transforming the economies of developing countries," says Ahmed. "These countries are becoming truly cashless." Full story...
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"For millions of people in developing countries, their lives revolve around cash," he says. "People are often forced to save their cash under the mattress. These people use cash for all their transactions. They can only buy things from people close to them."
Enter the mobile phone.
A lot of these two billion unbanked people have access to mobile phones, which are enabling people to access financial services for the first time. Even for people using a very basic feature phone, their mobile numbers becomes their bank account. In 2014 there were 103 million active mobile bank accounts, up from 30 million in 2012. "These are services that are truly transforming the economies of developing countries," says Ahmed. "These countries are becoming truly cashless." Full story...
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- Denmark moves step closer to being a cashless country...
- Why Sweden should be wary of going cashless...
- Swedes replace credit cards with hand swipe...
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