Mobile banking

6.5 billion people in the world ... only 1.5 billion have access to a bank account.

There are 3 billion mobile phones around the world.

Wizzit is a mobile banking company trying to reach the unreachable with banking services through mobile phone technology, and they are partnering with World Bank to get their services out there.

YouTube video for those who want more: Banking the Unbanked.

In many developing countries, particularly in rural areas, access to financial services is costly and very limited. This translates to a large percentage of the population operating on a cash basis only and outside of the formal banking system.

It is estimated that 40 percent of South Africa's 45 million population are un-banked or under-banked. However, nearly 60 percent of South Africans have mobile phones. The proliferation of mobile services worldwide has created a unique opportunity to provide social and financial services over the mobile network.

More on mobile banking? Here's a presentation by CGAP (Consultative Group to Assist the Poor, an independent group housed at the World Bank).