Global GSM body, GSMA announced that three projects related to Mobile Money for unbanked have been approved with the projects serving as a test ground to observe potential for mobile money in a market without any deployment till now, validity of deploying a proven mobile money model in a marginal community representing a completely new customer segment and diversification of a distribution network to further extend reach of existing mobile money deployment. 

“These projects will not only provide mobile money services to the unbanked, but they will also provide valuable insights into business viability and user behaviour for the rest of the mobile money industry,” said Gavin Krugel, Director GSMA.  “Based on updated research findings being released at the Mobile Money Summit and conducted with the microfinance centre CGAP, there will be 1.7 billion unbanked customers with mobile phones by 2012. From the research we believe that mobile money has the potential to deliver up to US$5 billion in direct revenues for mobile operators by 2012 on the basis of being adopted by up to 364 million unbanked customers.”

The GSMA also came up with new awards for Mobile Money to be presented in Hong Kong at the Mobile Asia Congress on 18th November, 2009. The awards will open on early july and close on September 15, 2009 with the eligibility criteria being that the project must

Eligibility Criteria for the MMU Fund include providing mobile services to unbanked customers living under $ 2 per day, the service being innovative, market-based and development likely to be accelerated with the support of the MMU Fund. Applicants are also required to reason as so why commercial finance for the project is not available and the funding should be closed with timeframe of 2 years.

These announcements were made at the ongoing second Mobile Money Summit.