Multi-country study reveals sophisticated payment needs and behaviors of unbanked consumers in developing economies. Preventing theft, ability to send money quickly drives mobile money adoption.
The phenomenon of mobile banking in Bangladesh has been gradually gaining popularity over the years. A glance at the telecom sector of some of the other third world countries, such as Kenya, Somalia or even Pakistan will provide a somewhat similar scenario. In general, m-banking tends to attract people in the low-income category, often from rural areas.
A newly released overview report on Mobile Financial Services by Bangladesh’s Central Bank highlights the progress achieved two years on.
The CLP has begun using mobile phones to transfer monthly stipend payments to its participants. bKash is a mobile banking service provider which allows cash transfers and payments to be made through mobile phones.
Solema is one of the first CLP core participants to have registered with bKash. She has just received her first stipend payment through bKash. She has just started using this service to facilitate personal cash transfers with her husband.
The CLP’s use of bKash is changing the way participants receive stipend payments. Earlier Monika received her stipend during monthly Social Development group meetings, in which up to 28 participants completed and signed receipt papers.