Excerpts:

...the proliferation of mobile communications in developing countries has the potential to bring a wide range of financial services to an entirely new customer base,according to a new report commissioned by the Information for Development Program (infoDev) in partnership with the International Finance Corporation (IFC) and the GSM Association.The infoDev report,which focuses on the use of mobiles for micro-payments in the Philippines,found that mobile-enabled commerce,or m-Commerce,can address a major service gap in developing countries that is critical to their social and economic development.In many developing countries, particularly in rural areas,access to financial services is limited.A large proportion of the population is excluded from formal banking systems and makes payments entirely using cash, which is far less secure and flexible than electronic payment mechanisms.However,in the Philippines,3.5 million people are using a service that allows them to transfer money over the two major mobile networks operated by SMART Communications and Globe Telecom."

Via Timbuktu Chronicles and Smart Mobs