The Regulation of Mobile Money in Malawi

Greenacre, Jonathan; Malady, Louise; Buckley, Ross P.

doi:10.2139/ssrn.2491995

Cited by 7 publications

(9 citation statements)

References 17 publications

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Section: Risky and Security Issuesmentioning

confidence: 99%

“…Examples include fraud at mobile telephone network Uganda in 2012, collapse of CelPay in 2014 and closure of Orange Mobile in 2017 (Greenacre, 2020).…”

Section: Risky and Security Issuesmentioning

confidence: 99%

“…This means that each mobile money account receives the full protection of Nigeria's deposit insurance scheme. The aim of this policy was to protect mobile money funds as they will be supported by prudential regulation (Greenacre, 2020). The extension of pass-through deposit insurance to mobile money contributed to financial-inclusion goals by increasing the trust that unbanked people have in mobile money.…”

Section: Risky and Security Issuesmentioning

confidence: 99%

“…Under this situation, if a mobile payment provider collapses, user funds may be at increased risk. History has revealed that companies providing mobile money have experienced such risks of becoming insolvent, lose customers’ funds, closing their operations and putting customers at risk (Greenacre, 2020). Examples include fraud at mobile telephone network Uganda in 2012, collapse of CelPay in 2014 and closure of Orange Mobile in 2017 (Greenacre, 2020).…”

Section: Legal and Regulatory Challenges For The Convergence Of Finan...mentioning

confidence: 99%

“…In case the significant company become insolvent, the Central Bank of Kenya (CBK) can take control over the mobile money business and notify the company to cease dealing with the funds until the institution receives directions from the CBK. Under this circumstance, the CBK can appoint any person, including another shadow payment firm, to distribute the balances held in the trust fund (Greenacre, 2020, p. 12). However, the accelerated bankruptcy regime has never been used, and so, it is not clear how it would operate in practice.…”

Section: Legal and Regulatory Challenges For The Convergence Of Finan...mentioning

confidence: 99%

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Legal and regulatory framework for mobile banking in Tanzania

Ally

2023

IJLMA

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Purpose This paper aims to assess the legal and regulatory framework for mobile banking (M-banking) in Tanzania. The technological development in information and communication technologies has converted a mobile phone from a simple communication device to a very complex instrument that allows people to perform various digital transactions and extra operations such as web browsing and email reading. Such tremendous developments have brought in place the regime of M-banking. The birth of M-banking has brought legal and institutional challenges that were not anticipated before. It has complicated the traditional role of the telecommunication regulator and financial regulator in the business and caused legal gaps that need to be bridged. Design/methodology/approach To disclose the legal gaps and bridge them, the study used doctrinal legal method and comparative study to learn the experience of international legal instruments and policies and laws of other jurisdictions. This paper has evaluated the contribution of international legal instruments and legal frameworks of foreign jurisdictions such as Kenya and the Philippines. Findings It has been revealed that the prevailing laws regulating M-banking in Tanzania do not adequately address and bridge the existing legal gaps. There is a need to enact a specific law regulating M-banking and confer such powers to a specific institution to deal with regulatory issues. Originality/value This paper stresses the importance of enacting new laws that will offer room for financial inclusion in the digital economy and protect consumers against financial risk. It also intends to act as a catalyst and change agent in policy and legislative development in the M-banking industry. It would also bring special attention to addressing consumer rights, security and risky issues surrounding the M-banking industry. Although several other authors in Tanzania have written in this area, they have not clearly focused on disclosing the existing legal gaps resulting from the convergence of the financial and communication sectors. This paper is therefore trying to offer an extensive discussion on the legislative development in the M-banking industry in Tanzania.

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Section: Risky and Security Issuesmentioning

confidence: 99%

“…Examples include fraud at mobile telephone network Uganda in 2012, collapse of CelPay in 2014 and closure of Orange Mobile in 2017 (Greenacre, 2020).…”

Section: Risky and Security Issuesmentioning

confidence: 99%

Section: Risky and Security Issuesmentioning

confidence: 99%

Section: Legal and Regulatory Challenges For The Convergence Of Finan...mentioning

confidence: 99%

Section: Legal and Regulatory Challenges For The Convergence Of Finan...mentioning

confidence: 99%

See 3 more Smart Citations

Legal and regulatory framework for mobile banking in Tanzania

Ally

2023

IJLMA

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Snags in mobile money in developing economies

Kanobe

Bwalya

2021

E J Info Sys Dev Countries

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Lessening snags in the management of mobile money systems is a fundamental prerequisite. The study was motivated by the continuous mobile money management snags. Previous studies in developing economies focused mainly on technological algorithm for mobile money systems with untraceable attention given to management matters. The study aimed at lessening snags in the management of mobile money system. Underpinned by activity theory and guided by an interpretive paradigm, a qualitative inquiry was conducted. Semi-structured interviews and internal document review formed the key data instruments. Expert purposive sampling was adopted, data thematically analyzed and themes mapped on activity theory nodes.The study revealed inadequate monitoring of the mobile money agents, insufficient confidentiality and privacy in financial transactions; use of general accounts for financial transactions, use of generic guidelines and polices, third party involvement in sensitive mobile money activities and weak staff recruitment policies as the key findings. Managerial implications for the study include online registration of customers, introduction of online transaction monitoring, online categorization of mobile money accounts, digital financial crime checks, digital validation of customer identities and continuous review and updates of mobile money guidelines.activity theory, developing economies, mobile money, mobile money management | Introduction and backgroundShrinking snags in the management of mobile money systems is central to their success, total acceptance and usage in developing economies where, for decades, the majority population has lacked access to conventional financial services. The trust, confidence and customer royalty to mobile money services can only be warranted if there are no snags in mobile money systems. Therefore, the snags in mobile money management can easily thwart people's trust to access and use of these services. Mobile money is described differently across various regions depending on the region's level of technological and economic development. For instance, the understanding and use of mobile money in developed economies differ from developing economies. Mobile money is defined as an electronic wallet that lets users store, send and receive money using their phones (Olayinkaet al. 2019;Gutierrez & Choi, 2014;Yakub & Adenuga, 2013). In this paper, mobile money has been termed as the use of mobile phone to initiate, authorize or approve electronic financial transactions or remittance using money accounts stored on a mobile phone SIM card.The key activities of the mobile money services as per this definition are mobile network operator (MNO)-centric and the most common in developing economies.

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A Review of the MFS Regulatory Framework to Control IFF in Bangladesh

Huda,

Sony

2024

Essays of Faculty of Law University of Pécs

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Mobile financial services (MFS), with their focus on technology and ease of use, have emerged as a novel approach for developing countries to address the problem of adopting best practices to promote financial inclusivity. However, if there are no effective regulations or guidelines in place on a national and international level, the purpose of achieving full financial inclusion and the Sustainable Development Goals might go in vain. For instance, to prevent illicit financial flow (IFF) and ensure that this financial system operates properly, the central bank of Bangladesh, one of the world’s fastest-developing nations, implemented the most recent MFS rule. However, a number of MFS-related fraud incidents have prompted scholars to critically assess the Bangladesh Bank’s (BB) MFS regulatory system with a focus on the efficiency of IFF prevention. This study has demonstrated that the current regulatory system has a weak KYC verification system using a comparative methodology. Following that, if someone has access to someone’s personal information, they also have access to their MFS accounts. In general, the current MFS adheres to a risk-based regulatory paradigm that forces regulators to wait until a hazard occurs and limits them to this legal framework. Policy makers would then be advised by this study to implement a smart regulatory approach in order to establish a climate that is anti-IFF.

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The Regulation of Mobile Money in Malawi

Cited by 7 publications

References 17 publications

Legal and regulatory framework for mobile banking in Tanzania

Legal and regulatory framework for mobile banking in Tanzania

Snags in mobile money in developing economies

A Review of the MFS Regulatory Framework to Control IFF in Bangladesh

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