Article
More needs to be done to educate South Africans on the benefits of using their cellphones to bank to bring more people into formal banking, according to a study by FinMark Trust funded by the Consultative Group to Assist the Poor, the United National Foundation and the Vodafone Group Foundation. The Mobile Banking Pilot Survey, released in March 2007, said a lack of information was holding back the cellphone banking market. With more cellphone users in the developing world than in the developed world, the survey confirmed a market for cellphone banking among the poor. But it said 42% of the population had never heard of cellphone banking, while 28% did not know what it meant in practice.