Bill Gates wants the poor in Asia, Africa, and South America to be able to transfer money using their mobile phones. Gates has reportedly given the GSM Foundation 12.5 million dollars to help launch the project, with the goal of reaching 20 million people without bank accounts by the year 2012. More than 1.7 billion people in emerging markets are estimated to have mobile phones, but not bank accounts.

So you may be asking yourself why Gates chose to donate his money to banking rather than to an operation to bring food or other relief to these areas. The idea is that giving someone access to a bank account gives them the ability to protect themselves from things such as theft, as well as the opportunity to build financial security for the future. If someone is able to get a savings account they could also eventually get a checking account or qualify for loans and be able to improve their overall life situation.

Most of the areas that the GSM Association aims to help are located in places where there is no bank, and getting to one would be very difficult for residents. Mobile banking can give the opportunity to banking services that previously were not a possibility.
 

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