Although it is broadly recognised that mobile financial services can become a means of banking for the unbanked, apparently the uptake of such mobile financial services is failing to garner wide scale adoption across the globe.

According to the latest report by Weforum. The adoption of mobile financial services has been currently confined to just a few countries where access to such services have been historically contained with the scope of services limited to mobile money transfer.

The Associate Director, Head of Emerging Markets Finance, World Economic Forum USA, James Bilodeau says, “Ultimately, the market will drive scale in mobile financial services. However, public and private sector stakeholders must be focused on eliminating those obstacles to viable business models in order to create a virtuous cycle of adoption and innovation.”

Such countries as Kenya and the Philippines are some of those covered by the report and have achieved adoption levels in excess of 10 percent of the adult population.

The Head of the Telecommunications Industry, World Economic Forum USA, William Hoffman says, “The potential for the mobile platform to inclusively transform the financial lives of individuals and the structures of industries is unquestioned. What’s needed is the evidence and collective intelligence for navigating the complexity of the mobile finance landscape. This report serves as a tool for decision-makers in that regard.”