This is Part 1 in a two-part series exploring the opportunity to service the large unbanked and underbanked population in North America through innovative new banking services. Part 1 discusses the “mobile wallet,” and explores the applicability of this service offered in Zambia and other countries to the North American market.

With approximately 60 million people unbanked (or underbanked) in North America, Africa has become a technology poster child for wireless carriers, retailers, and financial institutions that are trying to de-risk banking for the poor. But can mobile business models and banking solutions from Africa be transferred to main-street North America?

Not if the banks have any say. As one banking colleague explained to me, “There is often a reason why the underbanked are underbanked.” For the financial institutions, it requires a considerable amount of effort to reach and service this population without a robust business case.