Mobile phones can be used for financial services in three different ways: for micro payments (m-commerce), as electronic money (e-money), and as a banking channel. The report examines who offers mobile phone banking services to poor customers? Why is there so much excitement about banking the poor with mobile phones? What are some reasons to be cautious? This reports that the Consultative Group to Assist the Poorest (CGAP), in partnership with the Vodafone Group Foundation and the United Nations (UN) Foundation, is now doing research in the Philippines and South Africa to find out what makes poor people use or reject these services and how remote mobile phone banking can go. This research can help banks, microfinance institutions, mobile phone companies, regulators, and donors steer mobile banking toward reaching large numbers of the poor.