Social Finance explores mobile phones playing a role in the eradication of poverty

J.P. Morgan’s Social Finance team hosted a recent Voices of Progress speaker series event in London. Panelists discussed the impact of mobile banking technology in improving lives and diminishing global poverty.

The use of mobile technology has grown exponentially in developing countries in the past ten years, providing essential services and support such as health diagnostics, electronic credit records and job listings. Access to these types of communication through mobile phones can improve the welfare of populations in developing countries.

People at the base of the economic pyramid account for over two-thirds of the world’s mobile phone subscriptions. The panelists highlighted the need for mobile telecommunications as a way to safely manage their finances and receive information critical to their health and wellbeing.

This Voices of Progress event emphasized the key role mobile banking plays in eradicating global poverty, bringing further awareness to its potential to provide increased access to essential services in developing countries.