The GSMA, which represents the interests of the worldwide mobile communications industry, and the Bill & Melinda Gates Foundation have announced a new program that aims to expand the availability of financial services to millions of people in the developing world through mobile phones.

The Mobile Money for the Unbanked (MMU) program, supported by a US$12.5 million grant from the foundation, will work with mobile operators, banks, microfinance institutions, government and development organisations to encourage the expansion of reliable, affordable mobile financial services to the unbanked.

"There are over 1 billion people in emerging markets today who don't have a bank account but do have a mobile phone," said Rob Conway, CEO and Member of the Board of the GSMA. "This represents a huge opportunity and mobile operators are perfectly placed to bring mobile financial services to this largely untapped consumer base. Based on the initial findings of research conducted with the microfinance centre CGAP and McKinsey & Company, we believe that mobile money for the unbanked has the potential to become a US$5 billion market opportunity over the next three years."

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