The Maldives are getting mobile banking as a solution to offer banking to a country spread over 250 islands in the Indian Ocean. They were badly hit by the 2004 Tsunami, and many who had no access to or trust in a Banks, lost their savings which were kept in a tin under the bed.
The new system is funded by the World Bank, and offered through Dhiraagu, the Government owned telcom.
BBC NEWS | South Asia | Mobile banking boosts Maldives
As the mobile network on the islands does not support text messaging, the system works through phone calls – which has the additional benefit of being accessible to illiterate workers. However, there have been some questions raised about the government’s role in the project.
I looked at their beta mobile site, and it is basically an IVR (VRU) system.
Dhiraagu Online Bill Balance Enquiry Service -727 will enable
customers to dial 727 and get their outstanding balances in the last
printed bill.
Simply dial 727, from any telephone with tone dialing.
Tom Standage of The Economist notes that this appears to be an experiment by the World Bank.
“What’s interesting about this system in the Maldives is that it’s an
experiment, as far as I can see, that the World Bank is setting up as a
way of extending credit to people.”
Bankwatch 
It seems a good thing to introduce mbanking in developing countries. Even in India, mbanking has been on the rise. With the number of cell phone users increasing, even foreign banks like Barclays have introduced an easy way of mobile banking called Hello Money.