The mobile phone will in 10 years be the tool of choice for the world’s 2.7 billion unbanked people, a new study says.

More than two billion people who have no bank accounts will be using it for simple financial transactions, says the survey by CGAP, a microfinance group based at the World Bank, and the UK’s Department for International Development (DfID).

“The fact that many of the 2.7 billion people who currently don’t use a bank will have access to branchless banking methods such as mobile phones and the internet by 2020 is a huge step towards financial inclusion for people in developing countries,” said UK Minister for Trade and Development Gareth Thomas.

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Source: http://www.businessdailyafrica.com/Company%20Industry/-/539550/805820/-/t72l44z/-/