Bill Gates pledges $12.5 million for mobile banking

Wireless industry trade group the GSM Association and the Bill & Melinda Gates Foundation announced the launch of Mobile Money for the Unbanked, a new program created to introduce mobile banking solutions to the developing world. The erstwhile Microsoft CEO's philanthropic effort will also extend a $12.5 million grant to support the program, which will collaborate with mobile operators, banks, microfinance institutions, and government and development organizations to foster the development of secure, affordable mobile financial services.

According to the GSMA, there are one billion residents of emerging markets who do not have a bank account but do own a mobile device--the association's goal is to convert 20 million of these subscribers to mobile banking by 2012, with an emphasis on the Africa, Asia and Latin America markets. The MMU program includes a $5 million fund earmarked to encourage mobile operators to develop new financial services.

For more on Mobile Money for the Unbanked:
- read this release

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