New film shows how mobile money has made a world of difference to the unbanked in Uganda in just a few short years…

The digitization of physical cash transactions is taken for granted in many parts of the world. But what if you have no bank account, let alone a credit card?

Of all the examples that show the power of technology to really change lives for the better, mobile money solutions must be one of the best. Empowering people, business and society through disruptive technology is an exciting idea and the success of mobile money in Uganda illustrates what is possible today.

Since its introduction to Uganda in 2008, mobile money solutions have had a profound effect – today some 9 million Ugandans use the service to exchange, save and spend money.

Our latest film features Vincent Kiyingi of Pride Microfinance, Uganda. He explains what mobile money means for people and the implications it can have on their lives.

Small businesses can now bank their money every day instead of handling large amount of physical cash, and people are able to deposit money immediately without the risk of theft or needing to travel to a bank. Some 80 percent of Ugandans are farmers, but with mobile money, distance from traditional banking facilities is now no longer a barrier to taking control of your finances.

The Uganda film is an excerpt from a larger film we have produced called “On the Money” which examines the implications and opportunities of digitizing money. In the film, Kosta Peric, Deputy Director, Financial Services For The Poor at the Bill and Melinda Gates Foundation* points out that there are an estimated 2 billion people that do not have access to a proper financial system, but who do have mobile phones.

You can read Kosta Peric’s blog post about the film here and his article in Ericsson Business Review, “Embracing the unknown – can banks thrive in a digital future?”

*The Bill and Melinda Gates Foundation and Ericsson are both partners in the Social Good Summit.

Related: The power of microfinance Join the Conversation: Share your views on the call for change and how mobile money will transform our world.

Jan Hallberg is Head of Marketing, M-Commerce. He is currently responsible for driving the global marketing strategy focusing on Ericsson’s M-Commerce value proposition, message and vision.