A truly fascinating article by the Wall Street Journal article into how phone-based services revolutionize the way people save and send money in emerging markets. In Bangladesh 4 years after the Central Bank started handing out mobile-money licenses, $42 million flows through the mobile banking system daily.
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Mobile Banking Provides Lifeline for Bangladeshis
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For Ms. Begum, a seamstress who is part of Bangladesh’s 4-million-strong garment-factory workforce, mobile money has changed her approach to handling cash. Like many garment workers, who work long hours and struggle to save money, she has rarely seen the inside of a bank. “I don’t have time to queue up at a bank,” she says. Her only day off is Friday, the weekend in Bangladesh. “Of course, the bank is also closed then.”
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