Technology Review has a fairly comprehensive article on banking through cell phones, particular in India. Fascinating read. Many Indian farmers and urban dwellers have predictable patterns (go to auction at 4:00 AM, go back to farm at 6:00 AM, get mugged at 6:10 AM on the road - optional) that leave them somewhat vulnerable to thuggery. By using cell phones which are attached to an identity to store the money electronically (pin and sometimes thumbprint protected) some of that susceptibility is lessened.
Additionally, when multiplied by millions, even with only a few dollars a piece, that puts a lot of capital in the banking system. And, if my Freshman economics serves me, that is something that manages to increase the speed of money in the economy and open up opportunities across the entire population. The article mentions lots of exciting specifics, so you should check it out.
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