Asper the IMF’s Financial Access Survey, mobile money is a pay-as-you-go digitalmedium of exchange and store of value using mobile money accounts, facilitatedby a network of mobile money agents. It is a financial service offeredto its clients by a mobile network operator or another entity that partnerswith mobile network operators, independent of the traditional banking network.A bank account is not required to use mobile money services—the onlypre-requisite is a basic mobile phone. On the other hand, mobile banking is theuse of an application on a mobile device to access and execute bankingservices, such as check deposits, balance inquiry, and payment transfers.
Theservices that offer mobile phone as just another channel to access atraditional banking product are considered mobile banking, not mobile money.
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