Nokia said it would launch a mobile financial service next year targeting consumers, mainly in emerging markets, with a phone but no banking account. Its Nokia Money service was based on the mobile payment platform of Obopay, a privately-owned firm that Nokia invested in earlier this year, and it is now building up a network of agents.
The Consultative Group to Assist the Poor (CGAP), a U.S.-based microfinance policy and research center, has said the market for mobile financial services to poor people in emerging markets will surge from nothing to $5 billion in 2012. Reuters reports.
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