Mobile money is a brand new trend in the world. Safaricom, Kenya’s largest mobile operator, launched a mobile phone-based money transfer service for its customers in 2007, allowing customers to send money via SMS to their friends and loved ones.
Although the first mobile money service was launched in the Philippines in 2001, M-PESA has taken its trend internationally to developing countries. Currently, more than 10 percent of the Philippine GDP is transacted through mobile money. Unlike M-PESA, a traditional VAS service, it generates more than 20 percent of Safari’s revenue.
The number of mobile money developers is increasing in the world. By the end of 2015, mobile money services have been launched in 93 countries of the world.
Despite its success story, M-PESA has been a huge success in Africa, making life easier for people living in poverty and changing their financial situation dramatically. The main reasons for its success are the regulatory environment, the infrastructure of information technology and the economic literacy and awareness of the people there.
Mobile Money is in the process of transforming the concept of global banking, which has managed to cover more than 80 percent of global banking losses. This would not have been possible so quickly without another big change in mobile telephony. Mobile payment services seem to be becoming more mature in developing countries than in developed ones.
The most interesting fact is that mobile money service users outnumber bank account users in developing countries and mobile money inflows have surpassed bank accounts in many emerging countries including Africa. This highlights the growing demand for mobile money in developing countries in Asia and Africa. One of the main reasons for this is the inability of financial institutions to formally reach the people of Asia and Africa.
Mobile money has recently emerged as a major turning point in connecting people who do not have a WAC account or financial access to financial institutions. The key to this connection is the easy availability of mobile phones and their declining prices.
This technology can play a significant role in changing not only the economic condition of a country like Nepal but also the social and educational condition of the common man.
Lately, Nepal has made remarkable progress in the field of communication technology and its infrastructure development and today it has succeeded in extending information technology to every village and municipality.
The number of mobile phone users is skyrocketing. According to the latest report of Nepal Telecommunication Authority, the number of mobile users in Nepal has exceeded 27 million which is more than the total population of Nepal. Similarly, with the literacy rate of Nepal rising to 65.9, the economic growth rate is also rising.
This technology can play a significant role in changing not only the economic condition of a country like Nepal but also the social and educational condition of the common man.
Lately, Nepal has made remarkable progress in the field of communication technology and its infrastructure development and today it has succeeded in extending information technology to every village and municipality.
The number of mobile phone users is skyrocketing. According to the latest report of Nepal Telecommunication Authority, the number of mobile users in Nepal has exceeded 27 million which is more than the total population of Nepal. Similarly, with the literacy rate of Nepal rising to 65.9, the economic growth rate is also rising.
according to the World Bank, financial access has a major role to play in alleviating poverty, especially in the least developed countries, and it is a matter of widespread concern. Based on these facts, it is necessary to increase the use of mobile money in Nepal as well and Nepal has good potential for mobile money. There is no doubt that mobile money will be successful in Nepal.
According to the latest statistics from the Central Statistics Office, about 58 percent of the population is adult and 57 percent of them save for the future. On the other hand, 72 percent of the population has no access to banks or financial institutions or is only 30 minutes or more away from financial institutions.
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