The Finnish mobile maker Nokia has decided to close down its Nokia Money business, a financial service that the company targeted for emerging markets, as it more interesting in focusing on the phone business as well as location-based services. The financial service was opened by the company across India only late last year and even plans to expand to several other emerging markets.
Nokia is in the midst of revamping its operations under Chief Executive Stephen Elop, who was hired in September 2010 to turn around the company. Financial services are seen as one of the major business opportunities in the wireless sector, but so far have become a big business only in Kenya and the Philippines.
(Image Source: KnowYourMobile)