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He also noted the planned roll out of a mobile phone banking system using a nationwide network of agents, which he said is projected to reduce transaction costs and increase the bank's customer base and fee income.
You swipe your card here, and put your finger right here," said Mr Egal, before swiftly moving on to talk about Somalia's extraordinarily successful cashless mobile phone banking system - another example of an entrepreneurial society finding ways to flourish.
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Telenor already does this in a limited way in Pakistan and Bangladesh.Another prerequisite for a viable, accessible mobile-phone banking system is the establishment of a good agent network to process client transactions such as depositing or withdrawing money.
CMU's Shoop points out that "Robotic technologies are ubiquitous, they are everywhere, but we just don't call them robots - we call them cars, cell phones, banking systems, the Internet... Since smart systems are everywhere it is important that kids know how they work".
The ability to link the web, mobile phones and the banking system together in this way makes the whole system much more efficient.Under the bonnetHow tolling systems are built depends partially on how a country's engineers see the world: some think a short-range approach based on DSRC is the way to go, while others bet on the global reach of GPS.
If you are using a phone-banking system, having to provide a passphrase is no less convenient than speaking a password to a human operator, and is more convenient than typing in a PIN.
Almost all societies are vulnerable to the complex international circuitry that underpins mobile phone, transport and banking systems.
Instead, it dithered over reforms to promote private business and overhaul the country's sclerotic banking system and mobile-phone sector.
In Kenya, M-Pesa processes more than a quarter of the country's GDP via mobile phones because there's virtually no banking system.
He controls Syria's largest phone company, as well as much of its banking system, real estate, department stores and more.
We have people who were not in the banking system but through their mobile phones they can access banking.
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CEO of Professional Science Editing for Scientists @ prosciediting.com