MICROCAPITAL STORY: Update on CGAP’s Phone Banking Project

As an update on one of the many technological initiatives CGAP (Consultative Group to Assist the Poor) has taken up, the launch of their phone banking project has officially taken off.

CGAP, an extension of the World Bank, was given a USD 26 million grant to work with, provided by the Bill and Melinda Gates Foundation, in order to figure out the best methods in utilizing technology to overcome the barriers associated with poverty. One such method identified is the mobile banking service concept created by the Rural Bankers Association of the Philippines, and is one the nine projects included in the iniital round of selection. (For an outline of all projects, refer to a previous microcapital article on the subject). The final decision about which projects will be funded will be announced later this summer according to Jim Rosenberg, Communications Officer at the CGAP Technology Program.