They may yield an increase of about 11 percent in the incomes of the population segment earning less than $ per day. The widespread use of mobile phones can provide for a broader reach of these financial services. Additionally, rapid development of peer-to-peer (P2P) lending could complement the role performed by traditional finance.
I am chairing this work, with Simon Potter of the Federal Reserve Bank of New York leading the work on developing the code and Chris Salmon of the Bank of England leading the adherence work.