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How Cell Phones Are Transforming the World of Microfinance


The middle class and wealthy have banks to lend them money. The poor have microfinance -- financial institutions or cooperatives that make loans to those shunned by traditional banks.

"Three billion people in the world do not have any access to affordable, reliable financial products," says Mary Ellen Iskenderian, CEO of Women's World Banking, a global nonprofit dedicated to providing low-income women with access to financial tools and resources.