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Mobile networks could be the gateway to financial inclusion (Infographic)

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In 2016 the United Nations Human Rights Council declared that the internet was a basic human right. People without access to the internet face a substantial disadvantage. While the developed countries are talking about the rise of smartphone addiction, for millions (or even billions) of people around the world it might be the only way of getting online. Internet access via smartphones is also closely intertwined with the topic of financial inclusion. 
Today more than half of the world's total adult population do not have a bank account. Not having access to financial services leaves people detached from the global society altogether. Those people still live their day-to-day lives, buy things, take loans and manage different expenses - they operate in what is known as the informal economy. 
Digital financial technology and particularly the global spread of mobile phones, has helped give a growing number of people access to financial services. Find out how the gateway to include unbanked people in the financial system could already be in their pockets.

Fortumo is a digital enablement platform for app stores and digital service providers for user acquisition, monetization and retention. The company connects service providers with more than 350 mobile operators across Asia, Europe, Latin America, the Middle East and Africa.

Service providers use Fortumo’s platform to manage the end-to-end customer lifecycle of mobile users on these networks through the company’s bundling, carrier billing and messaging solutions.

Fortumo’s platform is used by thousands of leading digital merchants including Google, Spotify, Electronic Arts and EasyPark. Founded in 2007, Fortumo has offices in San Francisco, Madrid, Beijing, Delhi, Singapore, Estonia and Hanoi. For more information, please visit https://fortumo.com.

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Mobile networks could be the gateway to financial inclusion (Infographic)

  1. 1. Looking to expand your payment reach with carrier billing? Get in touch: bd@fortumo.com. Fortumo is a digital enablement platform for app stores and digital service providers for user acquisition, monetization and retention. The company connects service providers with more than 350 mobile operators across Asia, Europe, Latin America, the Middle East and Africa. Service providers use Fortumo’s platform to manage the end-to-end customer lifecycle of mobile users on these networks through the company’s bundling, carrier billing and messaging solutions. Fortumo’s platform is used by thousands of leading digital merchants including Google, Spotify, Electronic Arts and EasyPark. Founded in 2007, Fortumo has offices in San Francisco, Madrid, Beijing, Delhi, Singapore, Estonia and Hanoi. For more information, please visit https://fortumo.com. © 2018 Fortumo The potential for direct carrier billing is tremendous. Mobile operators could be the new drivers of financial inclusion. FINANCIAL INCLUSION Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs. TRANSACTIONS PAYMENTS SAVINGS CREDIT INSURANCE INFORMAL ECONOMY: Unsafe Keeps people in poverty trap Keeps them detached from the global society BEING INCLUDED IN THE FORMAL FINANCIAL SYSTEM HELPS PEOPLE: Make day-to-day transactions, including sending and receiving money Safeguard savings Finance small businesses or microenterprises Plan and pay for recurring expenses, such as school fees Mitigate shocks and manage expenses related to unexpected events such as medical emergencies, a death in the family, theft, or natural disasters Improve their overall welfare FI has been identified as an enabler for 7 of the 17 UN’s Sustainable Development Goals. Digital financial technology and particularly the global spread of mobile phones, helps give growing number of people access to financial services. The mobile phone penetration rate is remarkably higher in many developing countries than it is for debit or credit cards. Mobile phones (millions) Debit cards (millions) GHANA 34M 2.8M COTE D'IVOIRE 25M 1.3M BANGLADESH 133M 8.1M MYANMAR 53M 2.7M PAKISTAN 146M 15.9M Debit card penetration: 33% Mobile phones: 85% INDIA In India more people have access to mobile networks than they do to electricity Mobile operators are the best gateway to establish financial identity to unbanked people: They have the infrastructure Communication infrastructure + local presence through retail They know the user Know the user - identity, location, spend habits They already give them services Device sales, telco services, 3rd party services They already do financial transactions with the clients They have the money handling system in place

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