Telefonica is bringing mobile banking to upwards of 175 million consumers in Latin America who have no access to banking services but do have a cell phone, Cellular-news reports. The initiative will roll out in July in partnership with the Inter-American Development Bank (IADB).

"Building on a number of other major Telefonica initiatives aimed at reducing social and economic exclusion, the project's principal aim is to improve financial access in Latin American markets by providing an m-banking solution to some of the most vulnerable in society - those groups that do not currently have access to banks or financial services," the article quotes Telefonica Europe CEO Matthew Key as saying.

Telefonica has worked over the past few years to bring mobile phones to rural communities and lower socio-economic groups in Latin America.