Mobile money can boost financial inclusion

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Advantages of financial conclusion

The first working paper resulting from research funded by the SWIFT Institute demonstrates that mobile money can help to promote financial inclusion and boost savings rates amongst remote communities.

The research, carried out by US-based Tufts University in rural communities in northern Ghana with little access to financial services, demonstrated that take-up of mobile money can be easily promoted, and that use of mobile money services can help to encourage a savings culture. A month into the research project, 10% of participants had used the service solely for money transfer; two and half months later, usage increased to 26% of households, with 86% of users receiving money transfers and 70% of users saving on their mobile phone.

Read more about the paper here.

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