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A video from Mexico: the experience of Telecomm and mobile banking

September 23, 2013
Logo of M Pesa, a success story in mobile banking from Kenya

Logo of M Pesa, Kenya continues to be a success story in mobile banking

Mexico has been particularly active in the field of financial inclusion over the past few years. The emergence of banking correspondents and the recent launch of mobile banking by players such as Yastas and Telecomm should bring financial services to millions of Mexicans. We came across a very interesting video by CGAP produced by Jeanette Thomas on the Telecomm experience and its value proposition for users. The Mexican telegraph company Telecomm launched this pilot in remote cities in the Oaxaca region. This real example shows the many advantages of mobile banking.The experience shows that financial inclusion does depend on the banking sector exclusively, and highlights the potential gains for telecom companies. Users mention the convenience of the product (no need to spend hours going to the city, no need to keep cash for change), ease of use (most have a cell phone in this remote city), the price (it is cheaper to pay the mobile transfer than use alternative payment modes), and financial management (saving at the bank increases saving discipline). You can watch the seven-minute video on the CGAP website:

http://www.cgap.org/blog/vivid-profiles-mobile-account-users-rural-mexico

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