Karachi: Mobile financial services could serve population of nearly two billion in developing countries, says a study by Boston Consulting Group. Titled Socio-Economic Impact of Mobile Financial Services, commissioned by Telenor Group it gives analysis of mobile financial services in Pakistan, Bangladesh, India, Malaysia & Serbia and Malaysia.
The study finds that impact of mobile financial services ranges from a 20 percentage point increase in financial inclusion in Pakistan (from 21% to 41%) to 5 percentage point increase in Malaysia (from 90% to 95%). Other three countries are likely to experience an impact of around 10-12 percentage points.
“MFS could accelerate economic growth by up to 5% in case of India, where it helps fuel entrepreneurship and new business creation. GDP in Pakistan, Bangladesh & Serbia could be between 2-3% higher in 2020 as a result of MFS. Impact on Malaysia is more modest, at around 0.3%, reflecting smaller financial inclusion impact,” it says.