CGAP recently announced the UK Department for International Development (DFID) to expand ongoing global efforts to use information and communication technologies (ICT), especially using mobile phones. (Read here). This is a very positive move for the the future support of Mobile Money for the Unbanked (MMU).
CGAP did stirling work in financial and advisory support for many deployments all over the world. Their involvement can be traced to the ultimate success of many of the leading solutions in emerging economies today. Similarly, it was through a DFID grant that mPesa was initiated in Vodafone. This can also be seen as one of the trigger-events in the MMU industry.By joining forces, these two organisations now acknowledge that the vision of providing electronic financial services to the Bottom of the Pyramid can be delivered. The involvement of the Bill and Melinda Gates Foundation in the initiatives that these organisations are now tackling is a further endorsement. The biggest challenge that must be resolved is to help organisations get over the first investment hump quicker. It is important to show that commercial success can be attained without significant capital investment.