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The Revolution of Mobile Money and Future Prospects

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The Revolution of Mobile Money and Future Prospects
The Revolution of Mobile Money and Future Prospects
Mobile banking has transformed and completely changed how we carry out our day to day banking activities. Mobile money has increased the access to banking products. What looked impossible in the past is now possible. Imagine transferring any amount of money in the middle of the night from the comfort of your bed to a friend or family member miles away. Some years back this was not possible but thanks to Mobile Money this is now a possibility. With mobile money we can say good bye to queuing. With such a convenient way of paying bills, opening accounts, savings, insurance, depositing money in once account and even withdrawing money using the mobile, nobody wants to be left behind. Mobile banking is the key in reducing poverty on the global scale. It provides ways and means for the lower income person to invest in productive assets, expand business and protect their livelihood. Thus with the revolution of mobile money we expect the number of account holders to increase greatly and people’s life to be positively impacted it the future. With minimal requirements, anybody can open an account and enjoy the mobile money services any day of the week any time of the day. Users of the mobile money can be assured of efficiency and security as regular meetings are held by the stakeholders to debate on these matters.
Its now clear that the old banking system is now faced with a stiffer competition and if upgrading their services will take more than expected then they will definitely be out of
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