Mobile money applications are emerging as potent financial tools in rural and remote areas of the globe, allowing people with no bank accounts to get paid, send remittances or settle their bill.

At the Mobile World Congress in Barcelona, Spain, Gavin Krugel, the director of mobile banking strategy at GSM Association said “We see it as a very big oppurtunity” and “one billion consumers in the world have a mobile phone but no access to a bank account,”.

Today, 40 million people worldwide use mobile money, and the industry is growing, according to the GSMA. “Africa and Asia are the most active regions right now,” Krugel said. “We expect Latin America pick up this year.”

Infact, there are 18,000 new mobile banking users per day in Uganda, 15,000 in Tanzania and 11,000 in Kenya, he said.

http://economictimes.indiatimes.com/news/news-by-industry/telecom/Mobile-phones-become-pocket-banks-in-poor-countries/articleshow/5598653.cms?