According to the GSMA, mobile money accounts grew by 50% in Latin America in 2014. A big opportunity, due to the pivotal role that mobile money can play in addressing many of the challenges of these countries.
First, it can promote inclusive economic growth. It has been estimated that over half of Latin Americans have no bank account. Thereby mobile financial services would bring this people back into the formal economy.
It has been demonstrated that mobile financial services had lead to an increase in nutrition, more education and increased investment opportunities in many of these countries.
In addition, mobile financial services have empowered women to save and run small businesses, achieving financial independence.
Mobil financial services help the growth of local SMEs. Small entrepreneurs in many remote areas can access mobile financial services increasing their security and stability. Moreover, Latin American governments are seeing the power of mobile to deliver critical government services to their citizens efficiently.
The use of mobile financial services can increase transparency allowing the government to use mobile money to pay civil servants directly.