“Banking is essential to a modern economy. Banks are not.”
—Edward Furash (1993)
Much competition in telecom sector has reduced the Average Revenue per user for mobile service providers. Inorganic Growth is costly in this sector as it is very capital intensive. This has led Mobile Network Operators (MNO) to find new avenues of growth. Mobile banking proves to be the next big opportunity for mobile phone carriers. Even though many banks provide some or other forms of mobile banking solution, the penetration of mobile banking is still in nascent phase in many economies around the world. Mobile phone carriers can fill this gap by providing a portfolio of banking services. In addition to it, mobile banking by MNO has the potential to bring basic banking and financial transactions services to unbanked consumers in the world.