Telefonica to bring banking to LatAm
06 May 2008
Spanish carrier Telefonica said Tuesday it has partnered with the Inter-American Development Bank (IADB) to bring mobile banking to the 175 million people in Latin America who have mobile phones but do not have banking access.
The project will be launched in July and will be rolled out across the region over the course of the year.
The company says it is well positioned to support the initiative, claiming that it offers mobile communications to more that 86 per cent of the population in 13 Latin American countries.
Matthew Key, CEO of Telefonica Europe, said, "Building on a number of other major Telefonica initiatives aimed at reducing social and economic exclusion, the project's principal aim is to improve financial access in Latin American markets by providing an m-banking solution to some of the most vulnerable in society - those groups that do not currently have access to banks or financial services."
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