How will Utiba’s solutions help the unbanked and underbanked population?
It is the unbanked and underbanked section of the population who do not have any sort of financial instrument available to them. People at the bottom of the pyramid (BoP) are the ones who will benefit most from M commerce, since they have limited or no access to establish financial systems. A study in the Philippines revealed that 58 percent of the unbanked population desired a financial instrument that will allow them to store their money safely. It is this sector that wants to have some sort of financial instrument that gives them safe storage for their money and gives them a medium to transact this money without the physical exchange of cash. We therefore see huge potential for our services picking up in the developing economies and have seen huge traction for our services in the Asian and African markets. The success story of GCash has already proved it. Q: Are you suggesting that these services will become the equivalent of a banking service? A: Actually, yes and no. The evolution
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