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The Regulation of Mobile Money

Author: Sunduzwayo Madise

Publisher: Springer

Published: 2019-03-26

Total Pages: 423

ISBN-13: 3030138313

The emergence of mobile money and other new forms of payment has changed the sovereign foundations of money. Starting as a Department for International Development funded project in Kenya, mobile money has now spread to many developing countries. This book looks at the regulatory issues that mobile money poses, and the potential risks to the financial system. It undertakes a comparative study of mobile money regimes in Kenya, Malaŵi, Tanzania, and South Africa. Although the main study is on Malaŵi, the lessons learnt are valuable to Sub Saharan Africa in understanding the regulatory issues surrounding mobile money. The main argument that this book makes is that the traditional regulatory architecture of supervising the financial services is ill-suited to supervise new forms of money like mobile money. With no requirement for a bank account, mobile money is not subject to prudential regulation. Mobile money is now considered a key developmental tool to achieve financial inclusion among the poor, rural based, unbanked, and underbanked. As opposed to traditional additive forms of financial inclusion, mobile money is transformative. In most jurisdictions where it has been launched, mobile money has largely been regulated using light-touch, with regulation following innovation. This work, however, proposes an approach based on the concept of really responsive regulation. This approach is best suited to embrace mobile money as it passes from the pre-financial inclusion to the post-financial inclusion phases of its evolution. This book will appeal to students and academics in the financial regulation field.

The World Bank Research Observer

Author:

Publisher:

Published: 2003

Total Pages: 300

ISBN-13:

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Protecting Mobile Money against Financial Crimes

Author: Pierre-Laurent Chatain

Publisher: World Bank Publications

Published: 2011-02-24

Total Pages: 234

ISBN-13: 0821386700

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Mobile Money is a booming industry in an increasing number of countries worldwide. The project results from increased demand for guidance and technical assistance from governments after the 2008 publication of an exploratory paper, Integrity in Mobile Phone Financial Services, which discussed mobile money and the application of international anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. For most, how to craft a regulatory regime that expands access to financial services to the poor through the development of mobile phone financial services, but compliant with AML/CFT standards remains elusive. Specific AML/CFT regulations related to mobile money have not been issued in many jurisdictions, mainly due to the lack of awareness of the risks these services can pose if the right controls are not in place. Because the international standards for AML/CFT, the Financial Action Task Force s 40 + 9 Recommendations were designed and issued well before mobile money technology and business models became prevalent, even developed countries have begun to face challenges with their regulation. The project team aims to provide practical guidance to jurisdictions and the Industry on how to draft regulations and internal guidelines that allow them to comply with AML/CFT standards with enough flexibility for mobile money to thrive. Specifically, the paper (1) takes stock of new AML/CFT regulations and practices relevant to Mobile money, (2) design guidelines for drafting AML/CFT regulations that cover mobile money and (3) propose examples of best practices for the Industry to include AML/CFT in their own business model.

The Exclusionary Politics of Digital Financial Inclusion

Author: Serena Natile

Publisher: Routledge

Published: 2020-01-20

Total Pages: 222

ISBN-13: 0429603770

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Focusing on Kenya’s path-breaking mobile money project M-Pesa, this book examines and critiques the narratives and institutions of digital financial inclusion as a development strategy for gender equality, arguing for a politics of redistribution to guide future digital financial inclusion projects. One of the most-discussed digital financial inclusion projects, M-Pesa facilitates the transfer of money and access to formal financial services via the mobile phone infrastructure and has grown at a phenomenal rate since its launch in 2007 to reach about 80 per cent of the Kenyan population. Through a socio-legal enquiry drawing on feminist political economy, law and development scholarship and postcolonial feminist debate, this book unravels the narratives and institutional arrangements that frame M-Pesa’s success while interrogating the relationship between digital financial inclusion and gender equality in development discourse. Natile argues that M-Pesa is premised on and regulated according to a logic of opportunity rather than a politics of redistribution, favouring the expansion of the mobile money market in preference to contributing to substantive gender equality via a redistribution of the revenue and funding deriving from its development. This book will be of particular interest to scholars and students in Global Political Economy, Socio-Legal Studies, Gender Studies, Law & Development, Finance and International Relations.

Impact of Mobile Payment Applications and Transfers on Business

Author: Opati, Thaisaiyi Zephania

Publisher: IGI Global

Published: 2019-12-20

Total Pages: 311

ISBN-13: 1799824004

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Consumers continue to rely heavily on their phones to complete such tasks as transferring funds between banks or accounts, depositing or withdrawing funds, paying bills, and purchasing items. Mobile money users are oftentimes more financially resilient and can protect themselves better against economic and other shocks. Moreover, mobile money can increase the velocity of money in circulation because it reduces the transactions and time costs of making retail payments. As such, understanding the impact of mobile payments is imperative for businesses and the economy. Impact of Mobile Payment Applications and Transfers on Business is a pivotal reference source that provides vital research on mobile money transfer and its impact in social, corporate, and micro- and macro-policies concerning the aggregate economy and individual households as a whole within an economy. It covers the impact, innovations, business-to-business transformations, regulatory framework, challenges, and ethical issues surrounding mobile money transfers around the world. This book is ideally designed for economists, financial analysts, business managers, leaders, scholars, practitioners, researchers, and students in fields that include management, finance, economics, commerce, and leadership.

Law and Regulation of Mobile Payment Systems

Author: Joy Malala

Publisher: Routledge

Published: 2017-11-28

Total Pages: 154

ISBN-13: 1351728571

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Over the last ten years mobile payment systems have revolutionised banking in some countries in Africa. In Kenya the introduction of M-Pesa, a new financial services model, has transformed the banking and financial services industry. Giving the unbanked majority access to the financial services market it has attracted over 18 million subscribers which is remarkable given that fewer than 4 million people in Kenya have bank accounts. This book addresses the legal and regulatory issues arising out of the introduction of M-Pesa in Kenya and its drive towards financial inclusion. It considers the interaction between regulation and technological innovation with a particular focus on the regulatory tools, institutional arrangements and government decisional processes through the examination as a whole of its regulatory capacity. This is done with a view to understanding the regulatory capacity of Kenya in addressing the vulnerabilities presented by technological innovation in the financial industry for consumers after financial inclusion. It also examines the way that mobile payments have been regulated by criticising the piecemeal approach that the Central Bank of Kenya has taken in addressing the legal and regulatory issues presented by mobile payments. The book argues there are significant gaps in the regulatory regime of mobile banking in Kenya.

The Regulation of Mobile Money in Malawi

Author: Jonathan Greenacre

Publisher:

Published: 2014

Total Pages: 66

ISBN-13:

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This report is the result of a study undertaken in late 2013 on Malawi's legal and regulatory framework for mobile money. The study was commissioned by the MM4P and conducted in consultation with the Reserve Bank of Malawi (RBM). The study had three outputs which are the focus of this report:(i) to provide a market update on mobile money in Malawi, focusing on the status of mobile money programs and the regulatory environment for mobile money;(ii) to identify the main regulatory challenges for mobile money to develop safely in Malawi; and(iii) to provide preliminary recommendations for RBM for dealing with those challenges.The overarching objective of the study is to assist in developing an enabling legal and regulatory environment for market players and end-users in the mobile money space, thereby encouraging that space to develop and grow. Mobile money products and services can be used to provide access to financial services for the unbanked and under-banked, thereby providing greater opportunities for many Malawians to rise above their current standards of living. The study is part of a broader international research project being undertaken by the Law Faculty at the UNSW on the regulation of mobile money. This international research project is supported by the Centre for International Finance and Regulation (CIFR), UNCDF, Standard Chartered Bank and UNSW.

The Regulation of Mobile Money

Author: Jonathan Greenacre

Publisher:

Published: 2017

Total Pages: 716

ISBN-13:

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Oversight Issues in Mobile Payments

Author: Tanai Khiaonarong

Publisher: International Monetary Fund

Published: 2014-07-15

Total Pages: 35

ISBN-13: 1498331572

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This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.

Mobile Banking, Mobile Money and Telecommunication Regulations

Author: Erwin Alampay

Publisher:

Published: 2014

Total Pages: 27

ISBN-13:

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Providing mobile money through mobile phones is a value-added service offered through telecommunication companies. Its issuance involves both telecommunication and bank regulations. But for complaints about this service, the first avenue for redress is often the telecommunication company, if not the telecommunication regulator. This paper investigates the interface between telecommunication and banking regulations and policies to provide safeguards without hindering the industry. However, much of what has been written regarding the regulatory issues with respect to e-money and m-money has been from the side of banking regulations. Banking regulations are based on the need for addressing problems of information asymmetry and controlling, for good or ill, the creation of money outside the government monopoly. It is about regulating risk to the system and risk to the economy. Moreover, bank regulators define their object of regulation for m-money not on whether the relevant entities call themselves banks but on the terms and conditions of how the money that they take from customers are treated and whether or not they extend credit to customers. Among the issues that have been commonly discussed with respect to mobile money pertain to authentication, such as knowing your customer (KYC), authorization and integrity of the transaction, monitoring the amounts kept by individuals and the amounts they send (anti-money laundering), security and redress mechanisms, among others.