The hidden cost of crime: Tanzanians pay as much as 7% to protect money from theft
CATONSVILLE, MD, November 13, 2017 – “Mobile money,” a checking account attached to a mobile phone number, has revolutionized the financial lives of millions of people in many developing countries without access to a banking infrastructure. Using text messages or apps on consumer phones and in partnership with mom-and-pop retailers, who serve as cash-in and cash-out points, telecom companies have created an accessible and cost-effective virtual banking infrastructure in many developing countries.