Mobile Money Empowering People Living at Bottom of Pyramid and Boosting Socio-Economic Development in a Big Way

Abstract

Hardly anyone would disagree that mobile money is an engine of financial inclusion and has the potential to outreach millions of people, living at the bottom of pyramid and those living in remote areas. The current study was taken up to investigate the impact of mobile money access on the people living at the bottom of pyramid. The aim was to: (1) understand the concept of mobile money, (2) explore the relevance of mobile money in economic growth, (3) capture the growth of mobile money worldwide, (4) explore the socio – economic impact of mobile money and (4) discuss vital insights for traditional financial institutions and policy makers. The study revealed that mobile money had positive impact on financial inclusion. It also enhanced the economic opportunities for the large unbanked population living at the bottom of pyramid. The increase in the mobile penetration and use of mobile internet, among the people living at the bottom of pyramid in the developing countries, clearly reflect at the potential of mobile money, in bringing the financially excluded in the economic mainstream and thus help in sustainable socio-economic development.

Keywords

• mobile money
• financial inclusion
• payments
• remittances