The 2015 Gates Annual Letter released by the Bill and Melinda Gates Foundation has shown that the Philippines is among the leaders in mobile banking in the developing world.
The Gates note said in the next 15 years, digital banking will give the poor more control over their assets and help them transform their lives.
“The key to this will be mobile phones. Already, in the developing countries with the right regulatory framework, people are storing money digitally on their phones and using their phones to make purchases, as if they were debit cards,” it said.
“By 2030, 2 billion people who don’t have a bank account today will be storing money and making payment with their phones. And by then, mobile money providers will be offering the full range of financial services, from interest-bearing savings accounts to credit to insurance,” it added.