Learn English > English lessons and exercises > English test #12980: Phoney finance

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Phoney finance

Phoney finance or mobile telephony and banking.

'Most South Africans do not have bank accounts. But most do have mobile phones.'

October 2006

Put the missing words at their right place to understand what the technology of mobile telephony is dramatically changing already in developing third countries.

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1. Life is now for A..., who owns a hair salon in Soweto.

2. Gone are the days of to his bank, which could take two hours by minibus,

3. to send money to relatives. Nor does he keep of cash in his salon any more.

4. Last year, he opened a bank account with Z...., an provider of financial services.

5. He now sends money to his sister in Cape Town he wants,

6. from wherever he wants, using a simple on his mobile phone.

7. Half his customers no longer pay cash for their .

8. They use their phones to move money from their to his, in a few seconds.

9. About half a million South Africans use their phones as a bank.

10. banks offer mobile banking as an added service

11. to existing customers, most of whom are quite .

12. Mobile banking is just one example of a wider in South Africa. With its odd mix of advanced capitalism and developing-world economics,

13. the country is successfully people who hitherto dealt only in cash

14. or to the world of formal finance.

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