Mobile services could reduce global financial exclusion by five to 20 per cent through to 2020 and increase GDP by up to five per cent. That’s according to a study commissioned by telco Telenor and carried out by Boston Consulting Group.

The study focuses on five countries; Pakistan, India, Bangladesh, Serbia and Malysia. It finds that mobile financial services have the potential to reduce the number of unbanked in Pakistan by 20 per cent by 2020. In India, the number of people with formal savings accounts could increase by 142 million and in Bangladesh tax revenues could be boosted by US$500 million. In Serbia the technology could lead to 23,000 new jobs being created, while in Malaysia economic inequality could be reduced by five per cent.

"The mobile phone is emerging as a key tool for bringing financial services to unbanked populations. It allows users to complete basic payments and remittances via the mobile phone, and have easier access to savings, credit and insurance products," says Jon Fredrik Baksaas, president and CEO at Telenor Group. "As we have seen with our service EasyPaisa in Pakistan, now covering more than 10 million people after a little more than one year of operation, companies like Telenor have a unique advantage in bringing mobile financial services to the unbanked. We have a pre-established relationship with the customers, who already have mobile devices in their hands. And we are a trusted and established brand in the regions we operate, with a large and secure distribution network."

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