As most of you reading this blog know, more people in the world own mobile phones than computers, and this becomes more and more true every day. They are becoming absolutely critical for everyday life, in developing countries especially, as phones bring new found freedom and possibilities.

This is especially true with it comes to banking and finance, and we’re seeing a lot of innovation in this sector. For instance, a new pilot study in Mumbai by a start up called Eko and the Centurion Bank of Punjab offers a simple saving account that can all be managed through a cellphone. The solution enables money transfers and balance checks by dialing a string of characters e.g., *543*190123456789*100*1133740274# would send 100 rupees to someone.

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