Cellphones, Not Banks, May Be Key to Finance in the Developing World

Following the release of a major new report from the McKinsey Global Institute, The New York Times writes:

“Developing nations – and to lesser extend developed economies like the United States – lose enormous amounts of economic potential from the continuing reliance on cash and the difficulty many businesses and individuals encounter when trying to gain access to the financial system. The mobile phone, however, has provided a new and cheaper way to provide basic financial services to nearly everyone in the developing world.”

Nathaniel Popper

New York Times

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