Technology Banker

Switch to desktop Register Login

27-06-2012

Citigroup partners with USAID to promote mobile money

Citigroup has joined forces with the US Agency for International Development (USAID) to accelerate the adoption of mobile money technology in developing countries

The two institutions say they will work with governments, donors, industry and other participants in the payments system to support local mobile money platforms, and will contribute over $23 million to the cause.

The partnership will expand current USAID efforts in mobile solutions and focus on implementing a set of principles in nine countries, initially focusing on Kenya, Colombia, Haiti, Indonesia and the Philippines.

"The ability to store and transfer money, as well as to make small payments using mobile phones, has the potential to lift millions out of poverty, just as the Green Revolution did in the 1960s," USAID administrator Raj Shah was quoted as saying by BankingTech.

"Our partnership with Citi, a global banking leader, will accelerate implementation of these new services in a smart and safe way."

While on his part, Citi CEO Vikram Pandit said: "Mobile money is a game-changing endeavour with the potential to improve lives, create jobs, spawn new enterprises, and expand financial inclusion, particularly in the emerging markets that are critical to the growth of the global economy."

 

By Our West Africa Correspondent


Post your own comment

{rscomments option="com_k2" id="10022"}