Bill Gates Offers $10m Fund for Mobile Banking in Haiti

Alongside the billions of pounds worth of aid being pumped into rebuilding Haiti, a new project aims to give Haitians control over their own cash.

The Bill and Melinda Gates Foundation has created a $10m fund for mobile banking services in the country.

"Out of the ruins of Haiti's tragic earthquake, there is an unprecedented opportunity to improve the lives of millions of Haitians and unlock the country's economic potential," said Mark Suzman, acting president of the Global Development Program at the Bill and Melinda Gates Foundation.

Mobile banking is exploding in the developing world, encouraging saving and helping people out of poverty. The Foundation hopes millions will take up the service in Haiti.

The earthquake destroyed more than one third of the country's banks, ATMs and money transfer stations, which meant that there were severe cash shortages for Haitians.

Although traditional banks in Haiti are getting back to normal, only 15% of Haitian had a bank account before the disaster, according to BBC News.