The SWIFT Institute, set up to help fund research into the banking industry, has released its first working paper. The research, carried out by US-based Tufts University, shows that mobile money can help to promote financial inclusion and boost savings rates amongst remote communities.
The Tufts research is being carried out in rural communities in northern Ghana which have limited access to financial services. A month into the research project, 10% of participants had used the service solely for money transfer; two and half months later, usage increased to 26% of households, with 86% of users receiving money transfers and 70% of users saving on their mobile phone. Download the working paper here
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