The unprecedented rate at which mobile phone is penetrating the
socio-fibre of society, especially its ability not only to facilitate
communication but also aid in money transfer to loved ones and relations in
sub-urban and rural communities makes it crucial for researchers to investigate
the relationship between this communication device and administration of
financial services. Besides the article being reviewed the reviewer consulted
other reputable current publications on the role mobile phone plays in delivery
financial services to the poor thereby extending the scope of the literature
material. The article itself examined various papers on “how banks can translate
the potential of mobile phones into greater financial access for poor people”.
It came out unequivocally that the potential of mobile phones to assist in meeting
the financial services needs of the poor has been driven by rapid expansion
into previously un-served regions and communities of developing countries over
the last decade. In most developing economies, governments five-year tax holiday and favourable regulatory environment
for promoting investments in the mobile telecommunications sector all goes a
long way to explain why a good number of international companies have thrown in
heavy investment to reach a lot more rural and sub-urban communities. The study
further revealed that the various governmental interventions such as waving
import duty and taxes on mobile handsets and accessories all help in rendering
the prices of handsets very affordable thereby enabling the masses to procure
these devices at very reasonable prices to enhance the mobile banking business.
It is doubtless to assert that the mobile phone technology has really revolutionized
the socio-economic set-up of mankind. Despite its ability to stimulate
effective and timely communication it also facilitate the administration of
financial services to alleviate poverty in developing economies. It is
therefore essential for stakeholders especially developing partners and
manufacturer to join forces and make the device much cheaper for the poor so as
help reduce poverty.
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