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Mobile Financial Services: Extending the Reach of Financial Services Through Mobile Payment Systems

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Mobile Financial Services: Extending the Reach of Financial Services Through Mobile Payment Systems THE FOUNDATION FOR DEVELOPMENT COOPERATION Mobile Financial Services: Extending the Reach of Financial Services Through Mobile Payment Systems Alaina McMurray FDC Nai Sema Occasional Paper Series No 1 2009 ISSN 1837-2791 The Foundation for Development Cooperation is an independent, not-for-profit international development organisation. Established in Brisbane, Australia, in 1990, the mandate of FDC calls for it to conduct policy- oriented research, foster public awareness, mobilise broader Australian and overseas development coopera- tion, and support non-governmental development efforts. Through partnerships and alliances, FDC under- takes a range of initiatives which seek to improve the lives of poor people in developing countries, foster in- novative approaches to development, and connect policy work to self-help efforts at the grass roots level. FDC’s work includes economic development and assessment, policy analysis, grass-roots community- based initiatives, strategic research, partnerships and leverage, advocacy, consulting and advisory services, project design and implementation, secretariat and network management, and training and capacity build- ing. FDC’s headquarters is in Brisbane, Australia. FDC has an Asia regional office in Singapore and a Pacific regional office in Fiji. © The Foundation for Development Cooperation (2009). This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from The Foundation for Development Cooperation. Requests and inquries concerning reproduction and rights should be directed to the address below. For further information about FDC’s initiatives, contact: The Foundation for Development Cooperation FDC House 137 Melbourne Street South Brisbane, QLD 4101 Australia Phone: +61 7 3217 2924 Facsimile: +61 7 3846 0342 Internet: www.fdc.org.au Email: [email protected] Nai Sema means “to connect” in the Fijian language. Through this occasional paper series, FDC aims to promote an exchange of ideas amongst those working in international development and cooperation and to generate dis- cussion on the topics presented within. FDC Nai Sema - Mobile Financial Services i Foreword Over the last two decades FDC has done a great deal of project work focused on expanding financial services for the poor as well as undertaking various ICT4D initia- tives. Throughout this period FDC has sought to explore ways that new technolo- gies can increase financial inclusion as well as to maximise transfers of knowledge on these issues internationally. Recently, as we have sought to better understand the emerging opportunities relating to mobile phone banking, we discovered very little information which summarises what is actually occurring and where. Accord- ingly, we decided to pull together what we learnt into this first edition of FDC Nai Sema. I hope the ideas and findings included in this paper about international mo- bile financial services will be helpful to practitioners in telecommunication and information technology firms, microfinance institutions, central banks, and remittance service providers, as well as to researchers and so- cial investors. Craig Wilson Executive Director FDC Nai Sema - Mobile Financial Services ii Acknowledgements As part of FDC’s work with the Asia Pacific Economic Cooperation’s Business Advisory Council on Financial Sector Capacity Building, it became clear that there was limited sum- mary information about the actual status of various mobile financial service initiatives around the world. Accordingly, FDC moved to compile an overview of the current litera- ture on mobile financial services, with the intention of evaluating how effective mobile phones may be in providing financial services to the unbanked population in developing countries. This edition of FDC Nai Sema highlights what the mobile financial services in- dustry entails, including the benefits and challenges facing the industry, while also provid- ing case studies to evaluate its effectiveness. I would like to acknowledge my FDC col- leagues Craig Wilson, Vladimir Pacheco, Melanie Aube, and Sherry Chen for all the support and assistance they provided in the preparation of this paper and during my time at FDC. Further, I would like to acknowl- edge the very useful feedback and comments I received from Marina Solin of the World GSM Association and Sarah Rotman from the Consultative Group to Assist the Poor (CGAP) who reviewed the paper. Alaina McMurray FDC Nai Sema - Mobile Financial Services iii Contents FOREWORD ii PREFACE iii TABLE OF CONTENTS v EXECUTIVE SUMMARY 1 INTRODUCTION 2 WHAT IS MOBILE FINANCIAL SERVICE? 3 BENEFITS OF MOBILE FINANCIAL SERVICES 4 CHALLENGES FACING MOBILE FINANCIAL SERVICES 7 CASE STUDIES 10 WIZZIT (SOUTH AFRICA) 10 M-PESA (KENYA) 12 GLOBE TELECOM (PHILLIPINES) 14 WING (CAMBODIA) 15 BUALANG iBANKING (THAILAND) 16 ABSA TELEPHONE BANKING (SOUTH AFRICA) 16 COMPARATIVE TECHNOLOGIES FOR THE MICROFINANCE INDUSTRY 17 PERSONAL DIGITAL ASSISTANTS 17 SMART CARDS 18 AUTOMATED TELLER MACHINES 19 THE FUTURE OF MOBILE FINANCIAL SERVICES 21 GLOSSARY 23 BIBLIOGRAPHY 24 APPENDIX 1 COMPARATIVE TECHNOLOGIES FOR THE MICROFINANCE INDUSTRY 27 APPENDIX 2 MOBILE FINANCIAL SERVICES AT A GLANCE 30 APPENDIX C MOBILE TECHNOLOGY PROVIDERS AND THEIR COSTUMERS 35 FDC Nai Sema - Mobile Financial Services iv Executive Summary This edition of FDC Nai Sema investigates the te risks while still allowing for innovation. Bank- current literature on mobile financial services and ing regulation typically recognises various cate- evaluates the effectiveness of these systems in gories of risk that bank regulators and supervi- providing financial services to unbanked popula- sors seek to mitigate when dealing with mobile tions. financial systems. These include: credit, legal and liquidity risks and consumer protection. This re- Firstly, the accessibility of mobile phones has the port explores these risks, in addition to highlight- potential to provide an enormous contribution ing the overall benefits and challenges faced by toward poverty reduction for the unbanked. For the emergence of mobile financial services. instance, in developing countries people are more likely to own a mobile phone than a bank Currently, there are several successful cases of account and mobile phone networks are more mobile financial services in developing countries, widespread than ATM networks and bank suggesting that mobile financial services have branches. Thus, high mobile phone concentration great potential for the unbanked populations. offers a way to cheaply and rapidly provide finan- The uptake of these services has been particu- cial services to the many unbanked customers larly strong in the Philippines, where three million who demand them. Furthermore, mobile financial customers use the systems offered by Globe services offer a physical proximity that other sys- Telecom; in South Africa, where 450,000 people tems simply cannot provide. Customers do not use WIZZIT; and in Kenya, where Safaricoms’ M- have to walk miles in order to find a bank branch PESA has 6.5 million accounts. This report will as they are essentially carrying the bank in their examine these models of financial services, and pocket. Mobile financial services also have the will also look at three additional mobile financial potential to play a significant role in the transfer services that have been recently launched, in- of remittances. Mobile subscribers in donor coun- cluding: WING in Cambodia, Absa Cellphone tries can transfer cash directly from their mobile Banking in South Africa, and Bualuang iBanking phone, across international borders, to the mo- in Thailand. bile wallet of family and friends, wherever they may be. In order to present a comparison with mobile financial services, the report also provides an While mobile financial services are becoming an overview of additional technologies expanding increasingly viable option in providing financial the reach of financial services. These include Per- services to the unbanked, there are still many sonal Digital Assistants, Smart Cards, and Auto- hurdles that the industry must overcome. For mated Teller Machines. instance, customer illiteracy poses a potential challenge as difficulties may arise for first-time users who have never used mobile phones be- fore. In addition, as most models of mobile fi- nancial services are quite recent, there is a low awareness of the industry, and its positive im- pacts have yet to be fully demonstrated. The lack of regulatory frameworks also poses a challenge as investors require certainty to mitiga- FDC Nai Sema - Mobile Financial Services 1 Introduction Providing financial services to people in the lower 2013, representing a compound annual growth income strata of society is considered vital to- rate of 51.8 percent (Payments 2009). Mobile wards alleviating poverty. In many developing financial services are set to achieve the fastest countries, however, most people do not have rate of mass-market penetration in recent his- access to even the most basic financial services. tory, even outpacing items such as credit cards, People living in poorer areas are often considered online banking, or ATMs (Payments 2009). unattractive customers by formal financial institu- tions, as their transactions are generally small The proliferation of mobile devices and their po- and many live in remote areas beyond the reach tential to be deployed rapidly and affordably to of banks or their networks (Coyle
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