Source: Council on Foreign Relations
Emerging Voices features contributions from scholars and practitioners highlighting new research, thinking, and approaches to development challenges. This article is by Sarah Martin, CEO of Boone Martin, a global communications firm that focuses on social impact investing.
More than 50 percent of the world’s population lacks access to banks — meaning nearly 2.5 billion people are cut off from financial services, such as credit, savings, and loans, needed to start new businesses, grow emerging markets, and tap into the global economy. Remarkably, however, more than one billion of the unbanked do have access to a mobile phone. The rapid rise of the mobile phone offers a platform to deliver services far beyond just calls. Money transfer businesses like Kenya’s M-Pesa piggyback on mobile networks to provide payment programs and basic financial services. With greater reach into previously neglected regions, mobile money offers market access to historically under-banked groups, including female, poor, and rural populations.
To continue reading the article, please visit http://blogs.cfr.org/development-channel/2014/08/05/banking-with-bitcoin/