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Text-A-Deposit: Expanding Mobile-Phone Banking to Include Savings Services
A look at USAID's MABS program that facilitates mobile phone technology for remittances
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Despite the potential of new technology in microfinance, few institutions have developed methods for facilitating savings services. USAIDs MABS Program called Text-A-Deposit uses mobile phone technology to enable the sending of remittances. It is increasingly being used by clients to access and save more in their savings accounts. Globe Telecoms G-Cash program works like an electronic wallet, allowing users to load electronic cash onto their cell phone and then spend it on bills or transfers using SMS. These services hold great potential for expanding poor peoples access to savings.
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