Mobile banking services are on average 19% cheaper than services from traditional banks, according to a new research conducted by the Consultative Group to Assist the Poor (CGAP). It has found that the lower the transaction value, the cheaper mobile banking is in comparison with formal banks. At a transactional value of $23, branchless banking is on average 38% cheaper than commercial banks, the report found. Mobile banking is also 54% cheaper than informal options for money transfer, said the report. Many challenges face financial institutions looking to develop mobile money management capabilities.