According to a recent study, the income of Kenyan household using M-PESA has increased by up to 30% since they started mobile banking. 7. In Asia, Philippines was an early user of mobile banking initiatives. The central bank of Philippines (BSP) has played an active role in the emergence of mobile banking. The BSP allowed two models for mobile banking. In first model i.e.
bank-based model, the BSP allowed banks to outsource functions to one mobile operator i.e. Smart Money in 2001. In the second model i.e. nonbank-based model, BSP registered G-Xchange (a subsidiary of a giant telecom, Globe) as a remittance agent in 2004. Under both the models, merchants were allowed to conduct KYC. 8.