Mobile Banking on the Rise in the Philippines?

As I know first hand from dealing with banks in the Philippines, there seems to be endless amounts of red tape and useless banking regulations that make it abnormally difficult to do business there. Very few Filipinos, per capita, have personal bank accounts compared to western nations. The government, in my opinion, needs to take steps to encourage private banking which will in turn result in better saving and spending habits. This would be an overall aid to their economy.

While many Filipinos do not have a personal bank account, they do have a cell phone. CGAP reports that an increase in mobile banking may be on the horizon for developing nations like the Philippines.