Mobile financial services may reduce the number of unbanked in Pakistan by 20 per cent by 2020, a study by Boston Consulting Group estimates. In India the number of people with formal savings accounts could increase by 142 million. In Bangladesh it could increase tax revenues with US$500 million. And in Serbia it could lead to 23,000 new jobs being created.
In the developing world, more than 2.5 billion adults, or approximately 72 percent of the population, are unbanked, meaning they have no access to traditional financial services like banks. At the same time, nearly 2.5 billion people in these same emerging economies have mobile phones.
This means that there could be up to two billion mobile phone users who are currently unbanked that could be served through mobile financial services. Overall in the five countries covered in the study, mobile financial services has the potential to reduce financial exclusion by five to 20 percent through 2020 and increase GDP by up to five percent.
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