New funding could help mobile phones replace bank branches

WASHINGTON and LONDON - Information and communication technologies, especially mobile phones, are now one step closer to increasing access to basic financial services for the world’s poor.The UK Department for International Development (DFID) said Thursday that it will commit GBP 8 million to the Consultative Group to Assist the Poor (CGAP) earmarked for its technology program."The idea that a mobile phone could replace a bank branch has gone from concept to reality at an amazing pace”, said Stephen Rasmussen, manager of the CGAP technology program, in the announcement. “Now with support from DFID and the Bill & Melinda Gates Foundation,...