Today, more than 2.5 billion adults in the developing world are considered “financially excluded”. This means that they do not have access to basic financial services, such as bank accounts, bill payment, credit or saving and insurance products. However, most of these 2.5 billion adults own or have access to a mobile phone.
Telenor Group wanted to explore the impact of mobile-based financial services in emerging economies, looking at how having bank accounts and access to credit, for example, will change the way people live, work and develop over the next decade. To conduct this study, Telenor commissioned the Boston Consulting Group (BCG) to study financial services’ overall impact, as well as look into the specific effects in Telenor’s Asian markets (Pakistan, Bangladesh, Malaysia and India) and Serbia.