Nokia said this week it would launch a mobile financial service next year targeting consumers, mainly in emerging markets, with a phone but no bank account.

Nokia said its Nokia Money service was based on the mobile payment platform of Obopay, a privately owned firm that Nokia invested in earlier this year, and it is now building up a network of agents.

Obopay, which uses text messaging and mobile internet access, charges users a fee to send money or to top up accounts.

“Mobile-enabled financial services has tremendous growth opportunities,” Nokia chief development officer Mary McDowell said. – (Reuters)