As per the IMF’s Financial Access Survey, mobile money is a pay-as-you-go digital medium of exchange and store of value using mobile money accounts, facilitated by a network of mobile money agents. It is a financial service offered to its clients by a mobile network operator or another entity that partners with mobile network operators, independent of the traditional banking network. A bank account is not required to use mobile money services—the only pre-requisite is a basic mobile phone. On the other hand, mobile banking is the use of an application on a mobile device to access and execute banking services, such as check deposits, balance inquiry, and payment transfers.

The services that offer mobile phone as just another channel to access a traditional banking product are considered mobile banking, not mobile money.

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