Mobile Phone Branchless Banking
Mobile phone branchless banking has successfully function mainly in Kenya with 7 million customers, followed by South Africa and Philippines. On March 2011, a pilot project mobile phone brachless banking has been launched at Bali, Indonesia by the country's biggest bank. The advantages of mobile phone branchless banking:
- very mobile, the users and the agents
- open up to 24 hours a day, depends on the agents
- very small fees for the agents
- may withdraw or deposit a small amount such as $1 (less than limit of the automated teller machine)
- no need for a bank account, only a mobile phone number
- almost no paperwork (administration)
- generate low income for thousands of agents
- very small bank overhead
- suitable for many people with low income
- suitable for many people with low literacy
- reduced transportation costs and time due to close proximity to multiple agents
Read more about this topic: Branchless Banking
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