Other banks, through a partnership with RBAP-Microenterprise Access to Banking Services (MABS) and G-Cash, have taken mobile phone banking to another level. The participating rural banks are now using the electronic cash platform in delivering financial services like deposits, withdrawals and loan payments.
Indeed, mobile phone banking has the unique opportunity to reach a wider spectra of clients and tap those who are traditionally marginalized and “unbanked” – the lower income segments of the population.