Mobile Banking Gets Boost in Haiti

USAID and the Gates Foundation are giving up to $10 million to the Haiti Mobile Money Initiative (HMMI).  The goal is to encourage mobile operators and banks to help set up mobile banking in Haiti.  Digicel won the first  $2.5 million award in January 2010.

Greta Greathouse, the Chief of Party for the USAID funded "Haiti Integrated Finance for Value Chains and Enterprises" Project (HIFIVE) made some important points in an interview.

• A positive regulatory environment can facilitate the creation of sustainable money services
• NGOs currently deliver large sums of money at work sites.  This could be done more safely, efficiently and inexpensively via mobile cash transfers.
• The prize money will be awarded on two levels:
• 1)  "First to Market Award" to encourage quick growth of mobile banking facilities in the short term
• 2) "Scaling" prizes who build out services to target levels within 18 month

Read the full article: "Haiti: Could Mobile Banking Be A Legacy of the Earthquake" on the CGAP Website.

Learn more about the Haiti Mobile Money Initiative.