The Regulation of Mobile Money

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, Malai, Tanzania, and South Africa. Although the main study is on Malai, 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.

Offers a unique insight in to the study of m-money and a unique analysis of regulatory and supervisory approaches to m-money Provides a comparative analysis of m-money in in Kenya, Tanzania and Malawi, which are based on the telco-led model against the bank-led model Showcases a unique addition to works in the field due to its comparative approach and three-layered analysis of the law, practice and technical operations of mobile money

Auteur

Sunduzwayo Madise recently finished his PhD at the University of Warwick, UK, and holds BSc and LLB degrees from the University of Malai and an LLM from the University of the Western Cape, South Africa. He also holds a Post Graduate Degree in Higher Education from Warwick. He is currently the Dean of the Faculty of Law, University of Malai. Sundu is also a Fellow of the Higher Education Academy, UK (now Advance HE). A former engineer, his research interests lie in the intersection of law, technology and finance.

Contenu

Chapter 1. Introduction.- Chapter 2. Introduction to Money.- Chapter 3. Developments in Mobile Technology and the Emergence of Mobile Money.- Chapter 4. Different Types of Regulation.- Chapter 5. Regulating Money.- Chapter 6. The Concept of Financial Inclusion.- Chapter 7. Comparative Study of Mobile Money in Kenya and Malai.- Chapter 8. Malai's Existing Regulatory Framework of Mobile Money.- Chapter 9. An Alternative Regulatory Framework for Mobile Money.- Chapter 10. Conclusions.