Obopay and Grameen to Provide Mobile Banking to Developing Nations

Mobile payments provider, Obopay has inked a deal with Grameen Solutions to deliver banking services to a billion of the world’s poorest people by 2018.

The Grameen-Obopay Bank A Billion Initiative will provide access to affordable financial services, including cross-border remittances, money transfer, payments, savings and credit accounts.

Until now, even the most basic financial services have been unavailable to the world’s poor because they are physically inaccessible and/or far too expensive to be practical. Using mobile technology to deliver banking services overcomes previously limiting restrictions of space and time by using existing infrastructure to give even the most underprivileged access to financial services. Mobile based financial services will bring more power to poor people.

Working initially in Mumbai, India and in Bangladesh, the initiative will begin delivering services in October, 2008.

Vishal