Challenge

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Exploring the Expansion of Mobile Money for Developing Communities

Access to formal financial services, or being financially included, allows individuals the opportunity to plan, save, and stabilize their financial lives. Mobile Money is one way to bring financial security to many, however, with nuanced characteristics in each country and distinct financial systems and economy, mobile money adoption and usage is varied.
55M
People Impacted
$ 109B
Potential Funding
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the problem
Nature and Context

A well connected financial system is imperative to a country’s economy, not only for facilitating economic transactions for the community as a whole, but also to serve as a vehicle for savings and long-term planning at the individual level. There is an estimated 55 million Americans who do not have access to financial institutions, or who are considered underbanked by the federal reserve. Digital Financial Services - the use of technological financial solutions including, but not limited, to mobile money - can be enabled to engage this portion of the population and provide formal financial services to the unbanked.

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