Gates help to take mobile banking to poor | india | Hindustan Times
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Gates help to take mobile banking to poor

india Updated: Feb 18, 2009 12:09 IST
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Microsoft founder Bill Gates has agreed to help fund a massive rollout of projects enabling poor mobile phone users to transfer money using their handsets, an industry body announced on Tuesday.

The GSM Association, which represents 750 mobile phone networks in the world, said a grant of $12.5 million from the Bill and Melinda Gates Foundation would help fund 20 initiatives in Asia, Africa and South America.

“There’s 1.7 billion people in the emerging markets who don’t have a bank account but do have a mobile phone, so they could use their mobile phone to conduct financial transactions,” explained Michael O’Hara, marketing director or the GSMA.