Mobile phone banking has the potential to extend financial services through virtual accounts to millions of poor people globally. Utilizing mobile phone technology for microfinance significantly lowers transaction costs, while expanding outreach to rural areas. Change is being driven by falling costs of mobile phones including airtime, by competition and by the ability of electronic banking solutions to offer customers an enhanced range of services at a very low cost. This paper provides an overview of the “Rural Bankers Association of the Philippines Microenterprise Access to Banking Services” (RBAP-MABS) and discusses the developments of mobile commerce in the country
Type: Report
Region: Asia-Pacific
Country: Philippines
Category: Economic
Organisation/Author: The Microfinance Gateway