Mobile money is playing a critical role in promoting financial inclusion in developing countries. Simultaneously, continued price declines are placing entry-level smartphones within reach of a rapidly increasing fraction of the global population. In addition, many of the unbanked live in urban...

The provision of financial services through mobile phones is a powerful tool to foster financial inclusion in developing countries. Yet, it raises important regulatory questions. Given the vulnerability of the vast majority of potential customers of these services, one of the most pressing...