Firstly, financial inclusion is defined as an accessibility to financial services to low income population explained by Mago and Chitokwindo (2014). Concurrently, poverty and disparity still exist in the world, with Kenya being one of the countries that has a financial inclusion index rank 133 from 176 countries, meaning it has a low percentage of domestic credit at 13.12% based on the borrowers and depositors among the commercial banks as Park and Mercado (2015) researched. In addition, mobile payment service is one of the most successful tools for developing nations as Kenya, which has a population of only 1% of the world 's, as well as being a widely used service in the develope...
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...s or view bank statements, a factor absent from the former by Kempson et al (2004). Thus, since the focus of mobile banking services is on people not nominally associated with a bank, a large proportion of the country, further development of financial sectors of, in this case, Zimbabwe 's economy will most likely result.
In conclusion, mobile banking and mobile money have improved financial inclusion in developing countries like Kenya, India, and Zimbabwe for a number of reasons: an user friendly interface; improved accessibility to rural population who has mobile phones; a reduction in gender gap in financial matters and the resulting increase in financial inclusiveness; improved security for customers holding a large amount of cash; savings in transaction costs; improvement to the quality of life of those living in poverty as Mago and Chitokwindo (2014) mentioned.
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