Independent Minds, Working Together

Entrepreneurship II

Analyzing Mobile Banking in Microfinance and Developing an SMS Based Program to Facilitate Microfinance Institutions using Mobile Banking with their Clients

Student Researchers: Chris Miller and Micah Caunter

Faculty Advisor: Jim Burnell (Economics)

The purpose of our research was 1) to examine and analyze the market opportunity associated with implementing Mobile Banking in Microfinance 2) to develop and implement an SMS-based mobile banking program that MFIs can use to conduct mobile-based interactions with their clients. Specifically, our team examined the current practices of Microfinance and Mobile Banking by financial institutions across Africa and Latin America.

The market research also entailed researching the potential of developing mobile software that would be able to better serve the "unbankable" population in developing countries. Accordingly, we developed an aspect of a larger mobile banking specification that aims at using mobile technology to consolidate financial services. The software will allow MFIs to manage the messages that are transmitted between their clients.