Mobile Money: A Solution for Financial Inclusion

India has about 100,000 bank branches but only five per cent of these are in rural areas. Sending money through banks becomes near impossible for the millions of villagers who migrate to big cities for work. So far, most migrant workers have had to send money home in cash, through relatives or acquaintances who happened to be travelling back to their village. This method, apart from being time-consuming, also has many risk factors attached and causes stress to the sender as well as the waiting receiver.

Unfortunately, government-assistance schemes like JSY and employment plans like Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) that are meant to empower the poor have