The World Economic Forum (WEF), a nonprofit headquartered in Geneva that engages world leaders “to improve the state of the world”, in association with the US-based Boston Consulting Group (BCG) recently published a report entitled “Mobile Financial Services Development Report 2011”. Assessing the development of the mobile financial services (MFS) ecosystem in 20 countries, the report identifies several areas which might be addressed to build scale in MFS thus bringing more people into the formal economy.
The report highlights that comparatively few people in developing economies use MFS now despite high enthusiasm. Results also suggest that the adoption of financial services such as credit, savings and microinsurance in these markets are nascent. The report emphasizes that regulatory frameworks, consumer protection, market competitiveness and financial literacy are indicators of “readiness” for the long-term development of MFS. Also, a thoroughly developed agent network is cited as a crucial requirement for achieving scale.
The report may be accessed at: http://www.weforum.org/issues/mobile-financial-services-development
By Ashim Kar, Research Associate
About the World Economic Forum (WEF): The World Economic Forum, established in 1971 as a nonprofit and headquartered in Geneva, engages business, political and academic leaders with the aim of “improving the state of the world”. It is best known for its annual meeting in Davos, which brings together CEOs from member organizations as well as world political and religious leaders, intellectuals, representatives of NGOs and the media to discuss issues facing the world, such as health and the environment.
About the Boston Consultancy Group (BCG): Boston Consultancy Group is a global management consulting firm with approximately 70 offices around the world.
Sources and Additional resources:
MicroCapital.org: “MICROCAPITAL BRIEF: Participants at World Economic Forum Annual Meeting 2011 in Davos, Switzerland, Discuss Non-Payment in Andhra Pradesh, Consumer Protection, Microfinance Regulation”, February 7, 2011,
https://www.microcapital.org/microcapital-brief-participants-at-world-eco….
MicroCapital.org: “MICROFINANCE PAPER WRAP-UP: Mobile Value-Added Services (MVAS) – A Vehicle to Usher in Inclusive Growth and Bridge the Digital Divide; By Sachin Sondhi, Sandip Biswas, Gaurav Gupta, Prakash Bharwani; Published by Deloitte Touche Tohmatsu India Private Limited”, April 26, 2011,
https://www.microcapital.org/microfinance-paper-wrap-up-mobile-value-adde..
MicroCapital Universe Profile: World Economic Forum (WEF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=wor…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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