It can scale mountains in a separate bound and wend its way down the most wretched roads. It is the mighty cell phone signal — and the latest hope for bringing financial services to the world’s masses who don’t have access to banks.

Grameen Solutions, an affiliate of Nobel Prize winner Muhammad Yunus’ Grameen Bank, that week teamed with Obopay Inc., a for-profit mobile payment company based in California, to bring banking to a billion poor humans using cell

“Today, it’s difficult to reach these society,” Obopay India Executive Director Aditya Menon said at a news conference in India’s financial capital, Mumbai. “If you solve that problem, you are enabling them to enter the economy.”

The joint venture plans to launch pilot programs in India and Bangladesh in October and aims to reach 1 billion citizens globally by 2018, in large part by keeping costs ultra low — possibly through […]

Orginal post by dhiram