Study: Mobile phones can extend Philippines' banking

07.07.2006
Rather than extending physical networks, banks in the Philippines can use mobile phones to reach almost a third of the population that never bank at all.

In a recent report, the GFG Group, an Auckland, New Zealand-based consulting firm that specializes in payment solutions, noted that banks in developing countries are turning to technology to address lack of access and provide payment channels.

According to the report, the Philippines is 'promoted' as a country where the use of mobile technology to access the 'unbanked' segment can be achieved, primarily because a large segment of the population use mobile phones.